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Cincinnati-based Thermal Technology Distribution Solutions has acquired a Maryland firm, its third acquisition of 2024.
A fast-growing Cincinnati company continues its expansion with its third acquisition of 2024.
Madisonville-based Thermal Technology Distribution Solutions announced its acquisition of Mt. Airy, Md.-based Thermal Devices on June 17, according to a news release.
Terms of the transaction were not disclosed.
Thermal Technology Distribution Solutions and Thermal Devices both handle distribution of industrial temperature management and related products, making the acquisition a strategic move to consolidate its market presence and expand into servicing the eastern United States.
Through this acquisition, Thermal Technology Distribution Solutions will also acquire Heat Tracing Sales, a Thermal Devices business specializing in heat trace cables, controls and engineering support business serving mechanical and electrical contractors.
“Thermal Devices is an exciting company that expands our footprint into the Mid-Atlantic and augments TTDS’ (Thermal Technology Distribution Solutions) heat trace and engineering capabilities,” Jeff Collier, CEO of Thermal Technology Distribution Solutions, said in the release.
Rob Strayton, who led Thermal Devices for three decades following his father’s establishment of the company more than 50 years ago, will continue his involvement, retaining an equity stake. He said Thermal Technology’s platform will offer substantial benefits for customers, suppliers and employees.
Thermal Technology Distribution Solutions serves as the parent company for Big Chief Inc., Proheat and Southwest Heater and Controls. It acquired Big Chief in September 2023, Proheat in January 2024 and Southwest Heater and Controls earlier this month.
This marks the fourth acquisition for the company overall.
Thermal Technology Distribution Solutions was established in September 2023 by San Francisco-based Gryphon Investors, a private equity firm, to serve as a platform through which longtime Cincinnati company Big Chief, acquired at the same time, could make acquisitions in the industrial temperature management market.
Big Chief and Thermal Technology Distribution Systems are headquartered in the same location on Big Chief Drive in Madisonville.
Gryphon Investors manages approximately $9 billion in assets through three core investment strategies: Flagship, Heritage and Junior Capital. The Flagship and Heritage strategies focus on equity investments ranging from $50 million to $350 million per portfolio company. The Junior Capital strategy invests in junior securities of credit facilities arranged by middle-market lenders, targeting both Gryphon-controlled companies and other private equity-backed businesses in the firm’s targeted sectors.
For Gryphon Investors, the plan for expansion is ongoing.
“We continue to pursue organic growth and acquisition opportunities,” Jeff Pembroke, operating partner of Gryphon’s Heritage Fund, said in the release.
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