Industrial Products

API Heat Transfer, Inc.

Designs and manufactures a range of specialty heat exchangers and heat transfer solutions.

Transaction Overview

  • Represented API Heat Transfer, Inc. (“API”), a portfolio company of Industrial Growth Partners (“IGP”), in its sale to ThermaSys Corporation (“ThermaSys”), a portfolio company of Wellspring Capital Management LLC (“Wellspring”). API is a leading manufacturer of heat transfer and separation technologies used in compressors, engine cooling systems, food and beverage processing, chemicals production, and various O&G applications.
  • ThermaSys designs and manufactures industrial heat exchangers and thermal systems for industrial, power, and refrigeration applications.

Drivers of Interest

  • Strong brand recognition with a storied history in the heat transfer solutions industry.
  • Accelerating growth through the market rebound.
  • Significant upfront investments in equipment and management.
  • Experienced engineering team with deep industry knowledge.
  • Demonstrated long-term margin stability.
  • Diversification across end-market and application.
  • Low-cost, high-value-add solutions.
  • Large customer base with limited concentration.
  • Attractive market and Company-driven growth anticipation.
  • Compelling financial profile with strong forecasted revenue and margin growth.
Hennepin Partners LLC