(Toronto – June 8, 2022) Ironbridge Equity Partners (“Ironbridge”) is pleased to announce that it, together with certain other minority investors, has completed the sale of Thermogenics Inc. (“Thermogenics”) to an entity controlled by Audax Private Equity (“Audax”).
The financial terms of the transaction were not disclosed.
Over the course of its investment, Ironbridge supported management’s efforts to expand the Canadian presence of Thermogenics, establish a U.S. footprint via acquisitions and greenfield growth, and improve internal systems and processes.
“We were very pleased to have partnered with Ross and the Thermogenics management team, who did an exceptional job of both driving growth and navigating through unprecedented economic upheaval,” said Jeff Murphy, Managing Partner at Ironbridge. “We wish them continued success in their new partnership with Audax.”
“Ironbridge was a great partner for the Thermogenics team,” said Ross Garland, CEO of Thermogenics. “They combined valuable insight with an appreciation for operational opportunity and challenge as we executed our strategic growth plan. We thank the Ironbridge team for their support and are excited about the next chapter of growth with Audax.”
Thermogenics was the eighth investment in Ironbridge’s second private equity vehicle, Ironbridge Equity Partners II, LP, a fully committed $154 million fund.
Thermogenics is leading North American manufacturer of coil-tube steam, hot-water and thermal fluid boilers used in industrial, commercial, and institutional applications. Thermogenics also provides parts and services to other market participants.
Ironbridge is a Canadian private equity firm whose strategy is to make equity and equity-linked investments in high-quality, mid-market, Canadian private companies. Target industries include consumer and business products and services, manufacturing, and distribution. The operating background of the principals enables Ironbridge to be a high-value partner to management teams as they seek to improve and grow their businesses. Ironbridge’s assets under management are over $700 million, including its fourth private equity fund, Ironbridge Equity Partners IV, LP, a fully committed $383 million fund raised in November 2021.
For more information, contact:
Ironbridge Equity Partners