Tag - 2022

Ironbridge Equity Partners sells Thermogenics

(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.

About Thermogenics:

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.

About Ironbridge:

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:
Jeff Murphy
Managing Partner
Ironbridge Equity Partners
(416) 863-0107
www.ironbridgeequity.com

Ross Garland
CEO
Thermogenics Inc.
(905) 727-1901
www.thermogenicsboilers.com

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GNI Management Group Inc. acquires Moore Insulation Ltd.

(Toronto, March 9, 2022) GNI Management Group Inc. (“GNI”), an Ironbridge portfolio company, is pleased to announce the acquisition of St Catharine’s based Moore Insulation Ltd. (“Moore”), a regional provider of insulation to the Niagara region’s new-build market.

“We’re very pleased to partner with Moore – Niagara was a gap for us, and this acquisition will allow us to tap into that fast-growing market,” said Bill Maginas, CEO of GNI. “As most of Moore’s focus has been on servicing builders, this partnership will give us access to and deep knowledge of the new home market while allowing us to better service the Niagara region’s retrofit segment which has been GNI’s primary focus historically.”

“We are excited to join GNI,” said Phil Moore, President of Moore. “GNI’s purchasing power for raw materials will alleviate some of our recent challenges in securing product. Not only will the move give us access to GNI’s retrofit business, their size and operations throughout Ontario provide additional capacity to serve our customers even better.”

Phil Moore will continue in his role as GNI’s branch manager in the Niagara region.

The acquisition is a key step in GNI’s strategic expansion across Ontario, helping meet its goal of providing best-in-class coverage across the province.

“This eighth location will allow GNI to continue to grow in Ontario,” said Maginas. “We will continue to look for opportunities with companies like Moore as we look to expand throughout Canada and become a national leader in insulation services.”

The Ironbridge team of thirteen investment professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. Ironbridge has extensive financial and operating experience and works closely with the management of its portfolio companies to enhance value.

For more information, contact:
Jeffrey Murphy
Partner
Ironbridge Equity Partners
(416) 863-0107
ironbridgeequity.com

Bill Maginas
CEO
GNI Management Group Inc.
(416) 557-9682
gni.ca

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