Druid Capital Partners Acquires Thermex-Thermatron

SPX Technologies Acquires Thermolec

January 20, 2026

Manufacturing

SPX Technologies has completed the acquisition of Montréal-based Thermolec Ltd. for CA$195 million (approximately US$140 million). Thermolec, a manufacturer of custom electric duct heating and related HVAC solutions with nearly 200 employees and about US$35 million in annual revenue, will join SPX's HVAC Electric Heat business to expand product capabilities and grow sales in the U.S. and Canada.

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.

Thermon Group Holdings Acquires Vapor Power International

January 15, 2024

Manufacturing

Thermon Group Holdings, Inc. (NYSE: THR) has acquired Vapor Power International, a provider of electric and gas-fired boilers and steam generators, from StonePointe LLC and members of Vapor Power's management. The acquisition (reported at approximately $110 million) expands Thermon's product portfolio into electric resistance, electrode and super critical coil tube boilers, supporting its electrification and decarbonization strategy.

Audax Private Equity Acquires Thermogenics, Inc.

June 2, 2022

Manufacturing

Audax Private Equity has acquired Thermogenics, Inc., a North American designer, manufacturer and service provider of coil‑tube boilers, from Ironbridge Equity Partners and certain other minority investors. The transaction — the first investment by Audax's Origins Fund I — will support Thermogenics' growth initiatives and expansion of its boiler product and service offerings across Canada and the U.S.

Thermex-Thermatron Systems Acquires JTE Machines

January 19, 2021

Manufacturing

Thermex-Thermatron Systems has acquired Jacksonville, Florida-based JTE Machines to strengthen its position in radio frequency (RF) and microwave (MW) industrial equipment. The acquisition brings JTE's engineering, automation and sealing-machine capabilities and several members of the JTE team (including founders Jens and Traci Evling) into Thermex to expand product and service offerings across fabric, belting and medical-product markets.

Newtex Industries Acquires Thermostatic Industries, Inc.

July 26, 2017

Manufacturing

Newtex Industries has completed its acquisition of Thermostatic Industries, Inc., a California-based distributor of high-temperature fabrics and fabricated insulation. The deal adds West Coast distribution for Newtex, expands its advanced high-temperature fabrics portfolio (including distribution rights to 3M Nextel ceramic fabrics), and relocates Thermostatic operations to a modern facility in Rancho Cucamonga, California.