Thermamax Acquired By Capvis Equity
23 August 2017
Capvis Equity IV LP said it will acquire the majority of Thermamax Hochtemperaturdämmungen GmbH, a specialist in the design and manufacture of thermal and acoustic insulation systems for engine compartments and exhaust lines for diesel and gasoline engines, fuel cells, and electric drive systems.
The parties did not disclose financial details of the transaction. The closing of the transaction is subject to customary regulatory approvals, the companies said.
Thermamax high-temperature insulation systems range from insulation fabrics and integral insulation solutions to complex insulation claddings. They are installed in light vehicles, on- and off-highway vehicles and are used in power generation, marine and on- and offshore platform markets.
CEO Ralf Großhauser will continue to lead Thermamax along with the existing management team.
“Starting from a leading position in insulation housings for large engines, Thermamax has successfully established itself as leading OEM and Tier-1 partner in the automotive industry,” he said. “With a strong financial partner like Capvis, Thermamax can seize further growth opportunities in its existing market segments, broaden the scope of its offering and target new expansion areas. This is the starting point for an exciting new expansion chapter for Thermamax, its customers and business partners and, of course, for all colleagues in the Group.”
Eric Trüeb, partner of Capvis, said Thermamax enjoys an excellent reputation in the market and is able to tailor its products to satisfy customer requests with a high degree of flexibility by leveraging its technological competence and extensive manufacturing know-how.
“With well over 1000 products, Thermamax holds significant market shares in its target segments,” he said. “We aim to further strengthen the company’s position together with the existing management team and the highly-qualified workforce, as the importance of high-temperature insulation and acoustic protection is rising globally due to manifold efficiency, security and safety as well as environmental reasons. Therefore, we are also very pleased that Brockhaus Private Equity III Fund, who has been a minority shareholder of the Company since 2015, will remain invested in Thermamax.”
Thermamax is based in Mannheim, Germany, and has a subsidiary, Thermamax, Inc., in Aurora, Ill. The group has other sites in Frankenthal, Germany, Taicang, China, and Železnièka, Serbia. The group had recently announced the addition of a new production hall close to the company’s headquarters, that will be dedicated to turbocharger insulations for vehicle applications.