THERMASYS CORPORATION ACQUIRES COVRAD AND SERCK HEAT TRANSFER UK-BASED MANUFACTURERS OF HEAT TRANSFER PRODUCTS
Significantly Expands Presence in Europe
Enables ThermaSys to Build Scale in Power Generation, Rail and Marine Markets
Montgomery, AL – January [6], 2011 – ThermaSys Corporation, a leading U.S. manufacturer of highly engineered copper, brass and aluminum heat exchanger components and assemblies, today announced that it has acquired Covrad Holdings and Serck Heat Transfer, two U.K.-based manufacturers of heat transfer products. Terms of the transaction were not disclosed.
Covrad Holdings and Serck Heat Transfer produce a wide range of products including radiators, charged air coolers, and oil coolers for OEM and aftermarket customers in the power generation, rail, marine, and transportation sectors worldwide. The two sister companies will be fully integrated into the ThermaSys platform, resulting in unique sales synergies between the businesses and an ability to leverage reciprocal product suites within new and existing end-markets and geographies.
ThermaSys, headquartered in Montgomery, Alabama, is an affiliated portfolio company of Sun Capital Partners, Inc., a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies.
“We are excited about the growth opportunities the acquisition of Covrad and Serck Heat Transfer presents for our company,” said Paul Schmitz, Chief Executive Officer of ThermaSys. “The two businesses are highly complementary to ThermaSys, and combining them gives us a powerful platform with a significantly larger presence in Europe that enhances our ability to serve existing and prospective customers.”
CEO Kayvan Namazi, who previously headed up the acquired businesses, will stay on at ThermaSys as a Managing Director. “Kayvan has done a fabulous job in growing Covrad and Serck Heat Transfer into first-class businesses. We look forward to partnering with him and ThermaSys’ experienced management team to further build out the company’s market position,” said Christopher Metz, Managing Director at Sun Capital Partners. ”The acquisition presents ThermaSys with an opportunity to expand its global footprint into underserved markets.”
“The combination with ThermaSys is the logical next step in the growth trajectory for Covrad and Serck Heat Transfer,” said Namazi. “The infrastructure of the larger ThermaSys platform will enable us to build real scale and leverage attractive cross-selling opportunities. I am excited about the many ways in which our businesses can work together.”
About ThermaSys Corporation
ThermaSys Corporation, headquartered in Montgomery, Alabama, is a leading supplier of highly engineered copper/brass and aluminum heat exchanger components and assemblies. The company operates six manufacturing plants, including three in Wisconsin, two in Alabama, and one in Dortmund, Germany. Its high unit volume products include seam welded aluminum tubing, seam welded brass tubing, and manifolds. Low / medium volume products consist of radiators, condensers, charge air coolers, oil coolers, shell / tube heat exchangers, and modular assemblies. ThermaSys has significant tier I market presence in power generation, construction / forestry equipment, hydraulic system cooling, oil / gas, and HVACR end-use market segments, primarily in North America. The Company plays a major tier II supplier role in OE and aftermarket auto and truck markets worldwide. For more information, visit www.thermasys.com
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in–house operating professionals and experience. Sun Capital affiliates have invested in more than 250 companies worldwide with combined sales in excess of $40 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com.
For more information contact:
Katrin C. Lieberwirth
Stanton Public Relations & Marketing
646-502-3548
klieberwirth@StantonPRM.com
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