Arsenal Capital Partners Acquires ThermoSafe From Sonoco

CECO Environmental Corp. to Acquire Thermon Group Holdings in $2.2 Billion Stock-and-Cash Deal

February 26, 2026

Industrial Services

CECO Environmental entered into a definitive stock-and-cash merger agreement to combine with Thermon Group Holdings in a transaction valued at approximately $2.2 billion. The combined company will continue under the CECO Environmental name, with CECO shareholders expected to own about 62.5% and Thermon shareholders about 37.5% at closing. The companies project approximately $40 million in annual cost synergies within 36 months and expect to close in mid-2026, subject to customary conditions and approvals (later reported as completed on June 1, 2026).

Morgan Stanley Capital Partners Acquires Thermogenics from Audax Private Equity

June 10, 2025

Industrial Services

Morgan Stanley Capital Partners (MSCP) acquired Thermogenics, a North American provider of industrial and commercial boiler lifecycle solutions, from Audax Private Equity's Origins strategy in a transaction that closed on June 10, 2025; terms were not disclosed. Headquartered in Aurora, Ontario with over 250 employees and multiple North American locations, Thermogenics expanded its U.S. footprint and capabilities under Audax through six add-on acquisitions and operational improvements; MSCP's investment is positioned to support the company's next phase of growth and geographic expansion.

AmerCareRoyal (HCI Equity Partners) Acquires Thermosource Tooling and Manufacturing

January 9, 2024

Packaging

AmerCareRoyal, a portfolio company of HCI Equity Partners, has acquired Thermosource Tooling and Manufacturing (TTM), a thermoformed and flexible packaging manufacturer headquartered in El Segundo, California. The add-on—ACR's ninth since HCI's investment—expands ACR's branded and customized packaging capabilities and creates cross-selling and distribution opportunities across foodservice, food production, and grocery end markets; financial terms were not disclosed.

US Distribution LLC (TRS Capital) Acquires Thermosleeve USA

July 2, 2021

Manufacturing

US Distribution LLC, a TRS Capital company, has acquired Thermosleeve USA, a Cerritos, California-based supplier of heat-shrinkable tubing and related products. Thermosleeve will remain in Cerritos with founder David Levy and key staff staying on to support the transition as TRS looks to expand its U.S. manufacturing and distribution portfolio.

Havencrest Capital Management Acquires ThermoTek, Inc.

October 22, 2020

Medical Devices

Havencrest Capital Management, a Dallas-based healthcare private equity firm, has completed the acquisition of ThermoTek, Inc., a Flower Mound, Texas-based designer and manufacturer of temperature management devices for medical and industrial end markets. Havencrest plans to support ThermoTek's growth by expanding its product portfolio, entering adjacent markets and pursuing complementary acquisitions, with Oxford Finance providing debt financing.

Arsenal Capital Partners Acquires Clariant's Healthcare Packaging Business (Rebranded as Airnov)

October 31, 2019

Packaging

Arsenal Capital Partners has completed the acquisition of Clariant's healthcare packaging business, which will be rebranded as Airnov Healthcare Packaging. The carved-out business—a global maker of desiccants, oxygen-scavenging solutions and barrier plastic bottles with manufacturing sites in France, the U.S., China and India—employs ~600 people and will be led by Matthias Brommer under Arsenal's ownership as it pursues organic investment and complementary acquisitions.