CINCINNATI — Thermal Technology Distribution Solutions, a platform for the distribution of industrial temperature management and related products, announced Tuesday that it has acquired Proheat Inc., a distributor of heaters, sensors, controls and comprehensive technical support to manufacturers.
Terms of the transaction were not disclosed.
Based in La Grange, Kentucky, Proheat's experienced management team, including President and CEO Steven W. Button, will remain with the company and maintain a significant equity stake.
"We are honored to be a core early member of the TTDS platform as it rapidly scales," Button said. "We appreciate the financial and operational support from TTDS and Gryphon Investors and look forward to a productive partnership that upholds the quality and service our suppliers and customers have come to expect."
This is the second investment for TTDS, established in September by middle-market private equity firm Gryphon Investors through Gryphon's Heritage Fund, the firm's small-cap fund strategy. TTDS's initial investment was Big Chief Inc., a leading distributor of electric process heating and temperature control products for the industrial market.
Jeff Collier, CEO of TTDS, said, "We are excited to welcome Steven and Proheat to TTDS. They are an important addition to our growing team of leading distributors of thermal management solutions. Proheat enhances our ability to be a value-added partner to suppliers, while increasing the breadth of products and services for our customers."
"We partner with outstanding companies who offer high quality solutions that meet the unique challenges of our customers," said Jeff Pembroke, operating partner of Gryphon's Heritage Fund. "In this highly fragmented market, we are actively pursuing multiple organic and acquisition opportunities that leverage Gryphon's proven experience with value-added distribution businesses."
