Irving Place Capital (IPC, New York, N.Y., USA), a middle-market private equity firm, announced on Jan. 7 that it has acquired Chromalox (Pittsburgh, Pa., USA), a global manufacturer of branded electric heating and control products, from Sentinel Capital Partners. In connection with this transaction, the senior management team of Chromalox has increased its ownership in the company and will retain a substantial stake in the business going forward. The terms of the transaction, which closed on Dec. 28, 2012, were not disclosed.
Founded in 1918, Chromalox is a major brand in the electric heating market. “We are excited to have found a partner with the resources and experience to help take Chromalox to the next level,” says Scott Dysert, CEO of Chromalox. “Irving Place Capital’s deep expertise in branded industrial businesses will allow Chromalox to build on its strong operating platform and accelerate the company’s growth. We look forward to working closely with Irving Place Capital to realize our aggressive goals for building the business organically and through strategic acquisitions.”
“Chromalox has a distinguished history of leadership in engineering value-added heating solutions that are tailored to the needs of its customers across many diverse industries,” says Douglas Korn, a senior managing director of IPC. “With its impressive culture of productivity, innovation, and customer service, Chromalox has tremendous growth potential. We look forward to working with the company to continue to expand both in North America and internationally to better serve its customers and markets.”
A consortium led by GE Capital and composed of existing lenders to Chromalox provided debt financing for the transaction. Weil, Gotshal & Manges LLP provided legal counsel to IPC in connection with the transaction.
Chromalox manufactures heating components, immersion heaters, circulation systems, heat transfer systems, boilers, industrial and comfort air heating, heat trace cables, sensors and precision electronic controls.