Gryphon Investors-Backed Thermal Technology Distribution Solutions Acquires Applied Thermal Systems

Acquisition Expands Platform's Footprint into Upper Midwest, Strengthens Product Offerings

CINCINNATI, Dec. 11, 2024 /PRNewswire/ -- Thermal Technology Distribution Solutions ("TTDS"), a leading platform for the distribution of industrial temperature management and related products, today announced it has acquired Applied Thermal Systems, Inc. ("ATS" or "the Company"), a premier Minneapolis-based value-added distributor of electric heaters, controls, thermocouples, other related thermal management products, and engineering services to manufacturers. Terms of the transaction were not disclosed.

Jeff Collier, CEO of TTDS, said, "Partnering with ATS helps us enhance our presence in the Upper Midwest region, diversifies our customer base, and strengthens our technical capabilities. We look forward to providing ATS customers with our broad suite of TTDS products and we are excited to deepen our relationships with ATS's supplier partners."

ATS marks the fifth acquisition for TTDS, established in September 2023 by middle-market private equity firm Gryphon Investors through Gryphon's Heritage Fund, the firm's small-cap investment strategy. TTDS previously acquired Big Chief, Inc., Proheat, Southwest Heater and Controls, and Thermal Devices.

"As we considered our options for the right long-term partner, joining forces with TTDS and Gryphon was the obvious choice. Their financial and operational resources will allow ATS to continue its legacy as a leading regional thermal products solutions provider and build upon a strong foundation for future growth, and we're thrilled to help support TTDS' growth vision," said ATS owner Michael Roark.

"Our aim is to be the consolidator of choice for thermal management product distributors who want to join a premier and rapidly growing platform, and we believe this acquisition adds considerable momentum towards that goal," said Jeff Pembroke, Operating Partner of Gryphon's Heritage Fund. "We look forward to ongoing organic growth as well as acquisition opportunities with compelling partners that share our vision of providing top-tier support for customers and suppliers."

About Thermal Technology Distribution Solutions
Cincinnati, Ohio-based TTDS was established in 2023 by Gryphon Investors, a leading middle-market private equity firm, as a differentiated platform for the distribution of industrial temperature management and related products, including electric process heating, sensors, and controls. TTDS is the parent company of Big Chief Inc., Proheat, Southwest Heater and Controls, Thermal Devices, and Applied Thermal Systems.

About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, Software, and Technology Solutions & Services sectors. With approximately $9+ billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon's highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon's three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $500 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon's targeted investment sectors.

Contact:
Lambert
Caroline Luz
203-570-6462
[email protected]
or
Jennifer Hurson
845-507-0571
[email protected]

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SOURCE Gryphon Investors