Gryphon Investors — a private equity firm that owns distributors — announced Sept. 18 that it has established Thermal Technology Distribution Solutions, a platform for the distribution of industrial temperature management and related products.
At the same time, TTDS has completed the acquisition of Big Chief Inc., an independent distributor of electric process heating and temperature control products for the industrial market. This represents the fifth platform deal closed by Gryphon’s Heritage Fund, the firm’s small-cap fund strategy.
Former Chief Commercial Officer Jeff Howe has been named BC’s President, while former BC President Terry Howe will join TTDS’ board of managers. Both will retain “a meaningful ownership stake in TTDS,” according to a news release. Financial terms of the transaction were not disclosed.
“Our history of using proactive sector initiatives to identify industry leaders in promising businesses has led us to a variety of successful investments, and we are excited about the opportunities we see for BC as a standout in a very fragmented market,” said Keith Stimson, Deal Partner and Head of the Heritage Fund Team at Gryphon. “We also expect to leverage insights gained from Gryphon’s experience in value-added distribution and manufacturing businesses, particularly through our portfolio companies Techmer PM, Pacur, Heritage Distribution Holdings, Vessco, and Vivify Specialty Ingredients.”