Evergreen Pacific Partners (Evergreen) has acquired Thermal Dynamics, an Ontario, California-based supplier of advanced technology heat exchangers for the automotive, truck, motorcycles, and military equipment industries.
Evergreen’s acquisition will provide Thermal Dynamics access to significant capital and strategic resources positioning the company for further growth. The Thermal Dynamics’ senior management team will remain in place and work with Evergreen to expand market share and continue the development of new products.
“Through the support of Evergreen’s financial resources and operating backgrounds, as well as their impressive track record of success, we are laying the foundation for our continued success and expansion,” says Jamin Patrick, President of Thermal Dynamics. “Working with the team at Evergreen, we’re excited to continue pushing technical innovation across the automotive industry and further develop successful and rewarding long-term relationships with our customers.”
Founded in 1957 as a division of Dunham-Bush, Thermal Dynamics’ expertise has kept the company at the forefront of the OEM vehicle market for over five decades. Their pioneering products in high-performance cooling applications have resulted in the placement of their products in some of the world’s most historically significant vehicles. The company has a history of international ventures, bringing American technology and Thermal Dynamics into the world spotlight.
“We’re proud to back such a strong and well managed company in order to extend its industry leadership position,” says TJ McGill, co-founder and managing partner at Evergreen Pacific Partners. “This acquisition closely follows our investment focus and process of finding and funding companies in traditional industries we can position for future growth.”
Evergreen Pacific Partners, which manages two private equity funds totalling USD700 million, invests in traditional buyouts, management led buyouts, and growth equity investments involving traditional industry, middle-market companies in the Western U.S. and Canada. Its investors include foundations, endowments, pension funds, and West Coast-based CEOs with experience in Evergreen’s target industries.