Gryphon Investors-Backed Thermal Technology Distribution Solutions Acquires Southwest Heater and Controls

Expands Platform to Texas and Southwest

CINCINNATI, June 3, 2024 /PRNewswire/ -- Thermal Technology Distribution Solutions ("TTDS"), a platform for the distribution of industrial temperature management and related products, today announced it has acquired Southwest Heater and Controls ("SWHC" or "the Company"), a Dallas, TX-based value-added distributor of industrial electric heaters, sensors, controls, and technical support to manufacturers. SWHC is led by Chris and David Hawkins, whose mother Camille Hawkins led the business from 1983 until her retirement in 2012. SWHC's experienced management team, including Chris Hawkins, will remain with the Company and maintain a significant equity stake. Terms of the transaction were not disclosed.

Jeff Collier, CEO of TTDS, said, "We are excited to add SWHC to the TTDS stable of companies. 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."

This is the third acquisition for TTDS, established in September 2023 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.

SWHC President and Owner Chris Hawkins commented, "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."

"We are actively pursuing organic and acquisition opportunities that leverage Gryphon's proven experience with value-added distribution businesses," said Jeff Pembroke, Operating Partner of Gryphon's Heritage Fund. "SWHC is an outstanding partner whose top-tier distribution solutions meet the unique challenges of our customers."

About Thermal Technology Distribution Solutions

TTDS was established in 2023 by Gryphon Investors, a leading middle-market private equity firm, as a platform for the distribution of industrial temperature management and related products, including electric process heating, sensors, and controls. TTDS is the parent company of Big Chief Inc. and Proheat.

About Gryphon Investors

Gryphon Investors (www.gryphoninvestors.com) is a leading middle-market private equity firm focused on profitably-growing and competitively-advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon's highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance and accounting expertise. Gryphon's three core investment strategies include its Flagship, Heritage and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon's targeted investment sectors.

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Lambert
Caroline Luz
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