Sun Capital Partners has sold ThermaSys Corporation to Wellspring Capital Management
Lincoln International has announced that ThermaSys Corporation (“ThermaSys” or the “Company”) has been sold to Wellspring Capital Management LLC (“Wellspring”). ThermaSys was an affiliated portfolio company of Sun Capital Partners, Inc. (“Sun Capital”), a private equity investment firm based in Boca Raton, Florida. Financial terms of the transaction were not disclosed.
Founded in 1971 and based in Montgomery, Alabama, ThermaSys is a leading supplier of heat exchangers and heat exchanger components, including aluminum and brass seam-welded tubing. The Company serves a variety of end markets, including electric power generation, industrial and construction equipment, automotive and truck, HVACR and oil and gas. ThermaSys has seven manufacturing facilities located in Alabama, Wisconsin, the United Kingdom and Germany, and the Company employs approximately 920 people.
Lincoln acted as the exclusive investment banking advisor to ThermaSys and Sun Capital affiliates on this transaction, working closely with the Company’s senior management team and shareholders throughout the sale process. “Lincoln International was a valued partner throughout the transaction” said Matthew Garff, Managing Director, Sun Capital. “They managed a disciplined sale process that produced an attractive outcome for shareholders.” Paul Schmitz, President and Chief Executive Officer of ThermaSys, added “Lincoln’s industry experience proved invaluable. They developed a deep understanding of our business while also providing expert guidance through the entire sale process. We are excited to have Wellspring as our new partner and thank Sun Capital for their support during their ownership of ThermaSys.”
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 market-leading companies that can benefit from Sun Capital’s in-house operating professionals and experience. Sun Capital has approximately $8 billion of capital under management and has invested in more than 290 companies worldwide with combined sales in excess of $45 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, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen. More information about Sun Capital can be found at www.suncappart.com.
About ThermaSys Corporation
ThermaSys is a global leader in heat transfer solutions, including highly engineered copper / brass and aluminum heat exchanger components and assemblies. The Company’s 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 modules. More information about ThermaSys can be found at www.thermasys.com.
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