Thermal Technology Distribution Solutions acquires heaters distributor
Thermal Technology Distribution Solutions (TTDS), a platform for the distribution of industrial temperature management and related products, has acquired Applied Thermal Systems Inc.
ATS is a Minneapolis-based value-add distributor of electric heaters, controls, thermocouples, and other related thermal management products and also offers engineering services to manufacturers. Terms of the transaction were not disclosed.
“Partnering with ATS helps us enhance our presence in the Upper Midwest region, diversifies our customer base, and strengthens our technical capabilities, said TTDS CEO Jeff Collier. "We look forward to providing ATS customers with our broad suite of TTDS products and we are excited to deepen our relationships with ATS’s supplier partners.”
ATS marks the fifth acquisition for TTDS, established in September 2023 by middle-market private equity firm Gryphon Investors through Gryphon's Heritage Fund, the firm's small-cap investment strategy. TTDS previously acquired Big Chief, Inc., Proheat, Southwest Heater and Controls, and Thermal Devices.
“As we considered our options for the right long-term partner, joining forces with TTDS and Gryphon was the obvious choice. Their financial and operational resources will allow ATS to continue its legacy as a leading regional thermal products solutions provider and build upon a strong foundation for future growth, and we’re thrilled to help support TTDS’ growth vision,” said ATS owner Michael Roark.
“Our aim is to be the consolidator of choice for thermal management product distributors who want to join a premier and rapidly growing platform, and we believe this acquisition adds considerable momentum towards that goal,” said Jeff Pembroke, operating partner of Gryphon's Heritage Fund. “We look forward to ongoing organic growth as well as acquisition opportunities with compelling partners that share our vision of providing top-tier support for customers and suppliers.”
INDUSTRIAL SUPPLY MAGAZINE
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