H.I.G. Capital Signs Definitive Agreement to Sell JT Thorpe

MIAMI, July 30, 2026 /PRNewswire/ -- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $75 billion of capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to sell its portfolio company, JT Thorpe ("JTT" or the "Company"), to an affiliate of funds managed by Truelink Capital. The transaction is subject to customary closing conditions and is expected to close in August 2026.

Founded in 1906 and headquartered in Salt Lake City, Utah, JT Thorpe is a leading provider of highly technical refractory, fireproofing, insulation, mechanical, and access solutions for critical infrastructure across a diverse range of end markets. The Company operates out of more than 30 locations across North America, services over 1,100 active customers, and generates revenues in excess of $1 billion.

With the support of H.I.G. since 2022, the Company has expanded its service offerings and geographic footprint across North America, strengthened its leadership position in key industrial markets, enhanced its go-to-market strategy, and completed four accretive acquisitions. These strategic initiatives, together with the dedication and execution of JTT's employees and leadership team, have enabled the Company to achieve top-tier growth and margin profile and deliver an outstanding outcome for all shareholders.

Kevin Howard, Chief Executive Officer of JTT, commented, "Today is a testament to JTT's strong reputation and to the tremendous skill, dedication, and pride our employees bring to their work every day. Their commitment has made us a trusted partner to customers across North America. I am incredibly proud of what we have accomplished together and grateful to our customers for their continued confidence in us. H.I.G. has been an exceptional partner over the past four years, supporting our vision, investing in our growth, and helping us strengthen JTT while preserving the culture and values that make our company special. As we begin this next chapter, we remain committed to our employees, our culture, and our mission of safely delivering exceptional service to critical industrial facilities across North America."

Matt Gullen, Managing Director at H.I.G., commented, "Kevin and the JTT management team have done an outstanding job transforming the Company into the leading provider of thermal management and asset integrity services across North America. Their hard work and disciplined execution have driven strong growth, and we are proud to have supported them through this pivotal phase. We look forward to following the team's continued success."

Goldman Sachs & Co. LLC and Harris Williams LLC were co-lead financial advisors to JT Thorpe, and McDermott Will & Schulte LLP represented H.I.G. Capital and JT Thorpe as legal counsel in connection with the transaction.

About JT Thorpe

JT Thorpe is a leading provider of integrated thermal management and asset integrity services to critical industrial infrastructure across North America. Founded in 1906, JT Thorpe delivers a comprehensive suite of highly technical services, including refractory, fireproofing, insulation, mechanical, and access solutions, which are critical to the safe, compliant, and efficient operation of high-value assets across a diverse range of end markets. For more information, visit jtthorpegroup.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $75 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.'s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

Contacts

Matt Gullen
Managing Director
[email protected]

Peter Hart
Managing Director
[email protected]

H.I.G. Capital
1450 Brickell Avenue
31st Floor
Miami, FL 33131
P: 305.379.2322
hig.com

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SOURCE H.I.G. Capital, LLC