Dallas-based Southwest Heater and Controls has been acquired by Thermal Technology Distribution Solutions (TTDS), a Cincinnati-based platform for the distribution of industrial temperature management and related products.
Southwest Heater and Controls is a value-added distributor of industrial electric heaters, sensors, controls, and technical support to manufacturers. Terms of the deal were not disclosed.
This is the third acquisition for TTDS, established in September by middle-market private equity firm Gryphon Investors through Gryphon’s Heritage Fund, the firm’s small-cap fund strategy. TTDS previously acquired Big Chief Inc. and Proheat, both leading value-added distributors of temperature management products.
“As we considered our options for a long-term partner, joining the TTDS platform as it rapidly scales was the obvious answer. The financial and operational support offered by TTDS and Gryphon Investors will help us build on our success, and we look forward to a productive future,” SWHC President and owner Chris Hawkins said in a statement.
Expanding into the Southwest with an ‘outstanding partner’
Southwest Heater and Controls is led by Chris and David Hawkins, whose mother Camille Hawkins led the business from 1983 until her retirement in 2012. SWHC’s management team, including Chris Hawkins, will remain with the company and maintain a significant equity stake, TTDS said.
“We’re excited to add SWHC to the TTDS stable of companies,” TTDS CEO Jeff Collier said in a statement. “As we continue to build out our thermal management solutions, SWHC expands our physical presence into the Southwest and allows us to enhance and deepen our relationships with valuable suppliers, while scaling the products and services we can offer our customers.”
Gryphon Heritage Fund Operating Partner Jeff Pembroke called Heater and Controls “a good fit.”
“We’re actively pursuing organic and acquisition opportunities that leverage Gryphon’s proven experience with value-added distribution businesses,” Pembroke said in a statement. “SWHC is an outstanding partner whose top-tier distribution solutions meet the unique challenges of our customers.”
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