Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario is pleased to announce that it, together with management, has made an investment in Thermogenics Inc. (“Thermogenics” or the “Company”) of Aurora, Ontario.
Originally established in 1975, Thermogenics is a leading manufacturer of coil-tube steam and hot-water boilers and related equipment used in industrial, commercial and institutional applications in the North American market. The Company also provides “best-in-class” parts and maintenance services to its installed base via its team of factory trained technicians. With its comprehensive product and service offering, Thermogenics functions as a “one-stop shop” for all of its customers’ heating and steam requirements. The Company currently operates out of a 27,000 square foot manufacturing and service facility in Aurora, Ontario and dedicated sales and service office located in Cincinnati, Ohio.
“We are anxious to begin working with Ironbridge on the next chapter of growth for Thermogenics,” said Bryan Heppell, President of Thermogenics. “We believe the breadth of operating experience and expertise that Ironbridge brings to the table, as well as their proven track record of success in partnering with owner-operators will provide us with the resources we need to scale and grow our business, without compromising the superior level of service we currently provide to our customer base.”
“The management team at Thermogenics has done a tremendous job developing a brand name and excellent reputation within the industry as the premier provider of coil-tube boiler products, parts and services, positioning themselves to capitalize on the forecast growth in industrial activity and infrastructure spend within North America,” said Jeff Murphy, Partner at Ironbridge. “We are very excited to partner with this highly passionate and ambitious management team as we pursue the many growth opportunities available to the business.”
Thermogenics is the eighth investment in Ironbridge’s second private equity fund, Ironbridge Equity Partners II, LP, a fully-committed $154 million fund.
Ironbridge’s team of nine professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. The Ironbridge investment team has extensive financial and operating experience and works closely with the management teams of its portfolio companies to enhance value
