Tinicum L.P. Acquires Controlling Interest in Watlow

Worthington Steel Completes Acquisition of Controlling Equity Stake in Sitem Group

June 3, 2025

Industrial Services

Worthington Steel (through its subsidiary Tempel Steel Company, LLC) completed the acquisition of a controlling ~52% equity stake in Italy-based Sitem Group (Sitem S.p.A. and subsidiaries). The deal combines a cash investment, the acquisition of shares from existing shareholders, and the contribution of Worthington Steel’s Nagold, Germany facility, with an option for Worthington Steel to increase its ownership in the future.

Tinicum Acquires Controlling Interest in Groupe Tornatech

October 10, 2024

Manufacturing

Tinicum, L.P. has acquired a controlling interest in Groupe Tornatech Inc., a Laval, Quebec-based designer and manufacturer of fire pump controllers. Tornatech's co-presidents will retain a significant ownership stake and the company will partner with Tinicum to invest in its team, product offering, capabilities, and facilities to support global growth; financial terms were not disclosed.

Tinicum Acquires KGM from Compass Group Equity Partners

May 28, 2024

Industrial Services

Tinicum, L.P. and affiliated funds managed by Tinicum Incorporated acquired a controlling interest in KGM from Compass Group Equity Partners, with KGM management retaining a significant ownership stake. Headquartered in Tulsa, Oklahoma, KGM is a value‑added distributor of natural gas meters, regulators, valves and related services; Tinicum intends to invest in the company’s team, product offering, capabilities and facilities to support growth.

Tinicum Acquires Controlling Interest in Greene Group Industries

July 17, 2023

Manufacturing

Tinicum L.P. (Tinicum Incorporated) has acquired a controlling interest in Greene Group Industries, a California-based manufacturer of complex metal components for medical and commercial applications. The deal will keep existing shareholders and management as minority owners and aims to accelerate investments in technology, capabilities and capacity to support Greene's growth with global customers.

Watlow Signs Agreement to Acquire Eurotherm from Schneider Electric

June 8, 2022

Industrial Services

Watlow, an industrial thermal systems manufacturer, signed an agreement to acquire Eurotherm from Schneider Electric. The terms were not disclosed. The companies expect to combine Eurotherm’s temperature/power/process controls and software capabilities with Watlow’s thermal systems focus to better serve shared industrial markets and expand globally.

Worthington Industries Acquires Tempel Steel Company

December 1, 2021

Manufacturing

Worthington Industries has acquired Tempel Steel Company for approximately $255 million, adding Tempel's headquarters in Chicago and five manufacturing facilities in Canada, China, India and Mexico. The acquisition, funded primarily with existing cash, brings about 1,500 employees and expands Worthington's capabilities in electrical steel laminations for transformers, motors and EV applications.