Carlson Private Capital Partners Invests in Thermo Systems

Therma Holdings Acquires Integrated Mechanical Systems

February 25, 2019

Industrial Services

Therma Holdings LLC, a portfolio company of Gemspring Capital, has acquired the assets of Integrated Mechanical Systems, an Irwindale, California-based provider of mechanical design, fabrication, construction and maintenance services. The acquisition is intended to accelerate Therma's service offering and scale in Southern California by combining Integrated Mechanical into Therma's existing Southern California operations.

Carlson Private Capital Partners Invests in Millennium

December 7, 2021

Telecommunications

Carlson Private Capital Partners (CPC) made a significant investment in Millennium, a Delavan, Wisconsin-based value-added distributor and service provider for broadband infrastructure; the transaction closed on November 30, 2021 and financial terms were not disclosed. CPC said the investment will accelerate Millennium’s growth and support expansion into new geographies and enhanced product and technology capabilities while partnering with founder/management.

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.

Druid Capital Partners Acquires Thermex-Thermatron

July 1, 2023

Manufacturing

Druid Capital Partners has completed the acquisition of Thermex-Thermatron, a long-established manufacturer of high-power industrial RF and microwave heating systems, partnering with Thermex management led by President/CEO Ray Lund. The transaction provides liquidity to existing shareholders and positions Thermex to pursue growth opportunities while continuing to serve global customers across automotive, medical and packaging markets.

Gibraltar Industries Acquires Assets of Thermo Energy Systems

January 17, 2020

Manufacturing

Gibraltar Industries (Nasdaq: ROCK) acquired the assets of Canadian-based Thermo Energy Systems in an all-cash transaction to expand its commercial greenhouse and controlled-environment agriculture capabilities. Thermo is expected to contribute a run-rate of approximately $75 million of annual revenue and the deal strengthens Gibraltar's position in the biologically-grown organic food market.

Thermal Technology Distribution Solutions (Gryphon Investors) Acquires Applied Thermal Systems

December 11, 2024

Industrial Services

Thermal Technology Distribution Solutions (TTDS), a Gryphon Investors–backed distribution platform, has acquired Applied Thermal Systems, a Minneapolis-area value-added distributor of electric heaters, controls, thermocouples and related engineering services. The add-on expands TTDS's footprint in the Upper Midwest and strengthens its product and technical capabilities; terms were not disclosed.