Altus Capital Partners has acquired Thermal Solutions Manufacturing (TSM), maker and distributor of heavy-duty and light truck heat exchange and temperature control products for the aftermarket and OEM off-road, on-highway and industrial end markets.
TSM’s management team will remain unchanged. Financial terms of the transaction were not disclosed.
Altus Capital, along with TSM’s senior management team, made this investment to support TSM’s growth plans in the heavy-duty on-highway and off-highway truck aftermarket as well as its development of products for specialized industrial original equipment manufacturers, according to an announcement.
TSM has five manufacturing facilities across the United States and Mexico and more than 20 third-party distribution locations. The company’s portfolio includes radiators, radiator cores, charge air coolers and heat exchange and thermal management products.
“We are extremely excited about the opportunity to work with Altus Capital Partners to accelerate growth and create additional value for our customers,” says Ken Robinson, TSM president and CEO. “Combining our history, assets and people with the investment and energy of Altus Capital Partners gives all of us at TSM a great feeling of optimism for the future.”
Russell J. Greenberg, managing partner, Altus Capital Partners, says, “Altus is very pleased to partner with the TSM management team in acquiring a nationally recognized manufacturer and distributor of heat exchange and temperature control products for the North American heavy-duty on-highway and off-highway truck aftermarket. We recognize and value management’s capabilities in our partnership to grow and to continue the company’s industry position.”