Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
API Heat Transfer Inc.
Sale to an affiliate of ThermaSys Corporation, a portfolio company of Wellspring Capital Management
Baird served as lead financial advisor to API Heat Transfer Inc.
API Heat Transfer Inc. (“API Heat Transfer” or the “Company”), a portfolio company of Industrial Growth Partners (“IGP”), recently completed its sale to an affiliate of ThermaSys Corporation (“ThermaSys”), a portfolio company of Wellspring Capital Management LLC (“Wellspring”). Terms of the transaction were not disclosed.
API Heat Transfer is a global leader in the design and manufacture of a wide range of heat transfer technologies that service virtually every industrial market including compressors, food and beverage, dairy, air separation, chemical processing, mobile vehicles, power generation, pharmaceuticals, HVAC and a wide variety of general industrial applications. The Company markets a family of brands, including Airtech, Basco and Schmidt, which are highly regarded in the industry for their innovative design, exceptional performance and reliable service. API Heat Transfer operates from five modern manufacturing facilities located in the United States, Germany and China and provides local sales and service to customers through its global sales network. The Company employs more than 950 people. API Heat Transfer was founded in 1947 and is headquartered in Buffalo, NY.
In January 2012, Wellspring acquired ThermaSys, a leading manufacturer of a wide range of heat exchangers and heat exchange equipment. Initially, ThermaSys and API Heat Transfer will operate independently, but will collaborate to serve their markets with a broader product offering, enhanced product technology and customer service and greater global reach.
IGP, founded in 1997, is a San Francisco-based private equity investment firm with $1.3 billion of capital under management. The firm invests exclusively in middle-market companies in the manufacturing sector in partnership with management.
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. Wellspring functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.