CINCINNATI and COLUMBUS, Ohio — LDR Growth Partners announced the acquisition of the businesses of Cincinnati Radiator Inc. and Ohio Heat Transfer Ltd. in a private transaction closed Aug. 1.
CRI and OHT are both U.S.-based, leading manufacturers of heavy-duty heat exchangers, radiators, and related air, oil, and hydraulic coolers. Since being established in 1994 and 2003 in the heart of the Midwest, the businesses have created an impeccable track record of quickly manufacturing and delivering their custom industrial products in mission critical situations for customers across agricultural, earthmoving, energy, forestry, hydraulics and transportation-focused markets.
"LDR believes foremost in the caliber of the teams and systems at Cincy Radiator and Ohio Heat Transfer as established under their founders' leadership," said Richard Sexton, partner at LDR. "Since inception, each of these businesses has cultivated an excellent standard of service and value for their customers, as evidenced by their long-standing blue-chip customer bases. For any boutique manufacturing operation, this is a huge testament to the company's ability to execute on product quality, timely delivery and customer service. Their history to-date really sets the stage for expansion."
"We as a team are excited and confident with LDR supporting our next phase to continue what has been built at Cincy Radiator and Ohio Heat Transfer," said Prasenjit Ray, general manager of CRI and OHT. "LDR shares our passion for the industry and has the know-how to shift our growth into high gear while adding even more value to our customers. Excitement for the future is high since the transition announcement a few weeks ago."
The original owners founded CRI in 1994 and OHT in 2003 to be market champions of high-quality manufacturing standards and best-in-class customer service. Both companies lead the heat exchanger and radiator manufacturing market in delivery lead times, which has attracted loyal blue-chip OEM partners. In addition to robust operational processes, the speed-of-delivery aspects of the businesses have been further sustained by domestic sourcing of most input components, which aligns well with North American "near-shoring" market demand as supply chain challenges continue across industrial markets. LDR looks forward to steering value enhancements for the existing and prospective client bases and scaling the businesses through vertical integration and production capacity expansion, each while maintaining the businesses' core competency in competitive delivery times across all offerings.
"We are confident in our decision for LDR Growth Partners to continue our legacy and vision for Cincy Radiator and Ohio Heat Transfer throughout its next phase of ownership," said Mark Epure, co-founder of CRI and OHT. "LDR shares our passion for North American small business and has a track record of strong results in industrial markets. As founders, we appreciate the attention and care the LDR team has shown throughout the process and look forward to the future."
LDR has a dedicated focus on leading investor groups in acquiring and growing unique, cash flow generating businesses in the manufacturing, industrial products and transportation sectors. The company currently owns and operates Whitman Controls, a 50-year manufacturer of process automation controls with large, multinational customers across a range of industries, and Mustang Motorcycle Products LLC, a world-renowned manufacturer of custom, aftermarket motorcycle seats and accessories.
"At LDR, our approach is to bring capacity and growth leadership to companies poised for scale in a methodical manner that complements strong management teams while identifying areas for new value creation," said Sexton. "We're ready to invest further in the people, technology, and equipment required for CRI and OHT customers domestically and internationally."
