NEW YORK--(BUSINESS WIRE)--Irving Place Capital (“IPC”), a middle-market private equity firm, announced today that it has acquired Chromalox, 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 December 28, 2012, were not disclosed.
Founded in 1918, Chromalox is the premier brand in the electric heating market, providing the most comprehensive suite of products and serving as the industry’s technological innovator. Over the company’s nearly 100-year history, the Chromalox name has become known for engineering excellence, innovative solutions, and unsurpassed performance. Chromalox’s product catalog, known as the Big Red Book, is the industry’s “go-to” technical resource for engineers and technicians, with thousands of pages of product information, technical reference guides, and design tutorials.
“We are excited to have found a partner with the resources and experience to help take Chromalox to the next level,” said 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,” said 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.
For more than 90 years, customers have relied on Chromalox for high quality, innovative solutions for commercial and industrial heating applications. Chromalox manufactures the world’s broadest line of electric heat and control products, including heating components, immersion heaters, circulation systems, heat transfer systems, boilers, industrial and comfort air heating, heat trace cables, sensors, and precision electronic controls. With multiple manufacturing, engineering, warehousing, and sales locations in North America, Europe, and Asia, Chromalox is a leading global supplier providing the highest level of customer support. Chromalox is headquartered in Pittsburgh, PA, USA. For more information, visit www.chromalox.com.
About Irving Place Capital
Irving Place Capital is a middle-market private equity firm that invests in buyouts, recapitalizations, and growth capital opportunities. The firm focuses on making control or entrepreneur-driven investments in retail, consumer, industrial, and healthcare companies where it can apply its substantial operating and strategic resources and expertise to enhance value. Since its formation in 1997, Irving Place Capital has been an investor in more than 55 companies and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at www.irvingplacecapital.com.