TTDS Expands Footprint with ATS Acquisition
Deal News | Dec 11, 2024 | Gryphon Investors
Thermal Technology Distribution Solutions (TTDS), a prominent player in the industrial temperature management industry, has acquired Minneapolis-based Applied Thermal Systems, Inc. (ATS). This acquisition was facilitated by Gryphon Investors, a leading middle-market private equity firm, and marks the fifth addition to TTDS's portfolio. Established in September 2023 by Gryphon via its Heritage Fund, TTDS aims to dominate the distribution of industrial temperature management products. The acquisition of ATS enhances TTDS's presence in the Upper Midwest and strengthens its technical capabilities, providing ATS's customers with an expanded suite of products. The deal underscores TTDS's strategy of becoming the consolidator of choice in its niche, with plans for organic growth and further acquisitions.
Sectors
- Industrial Equipment Distribution
- Private Equity
Geography
- United States – TTDS is based in Cincinnati, Ohio, and ATS is located in Minneapolis, Minnesota, highlighting the US focus of the acquisition activities.
Industry
- Industrial Equipment Distribution – This industry involves the distribution of industrial temperature management products and systems, such as electric heaters and thermocouples. TTDS and ATS operate within this industry.
- Private Equity – Involves investment and management of portfolio companies to enhance their value. Gryphon Investors exemplifies this through its strategic acquisitions and platform-building initiatives.
Financials
- Undisclosed – The financial terms of the acquisition of ATS by TTDS were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Thermal Technology Distribution Solutions (TTDS) | Acquirer | Company | A platform company, established by Gryphon Investors, focused on distributing industrial temperature management products. |
| Applied Thermal Systems, Inc. (ATS) | Target Company | Company | A Minneapolis-based distributor specializing in thermal management products and engineering services. |
| Gryphon Investors | Private Equity Firm | Company | A middle-market private equity firm managing TTDS, facilitating inorganic growth through acquisitions. |
| Jeff Collier | CEO of TTDS | Person | Oversees the operations and strategic growth of TTDS. |
| Michael Roark | Owner of ATS | Person | Contributed to the decision of ATS joining as a partner to TTDS. |
| Jeff Pembroke | Operating Partner | Person | An Operating Partner at Gryphon's Heritage Fund, overseeing strategic acquisitions like ATS. |