Washington, D.C.-based private equity firm LDR Growth Partners announced Aug. 8 that it has acquired the businesses of Cincinnati Radiator Inc. (CRI) and Ohio Heat Transfer Ltd. (OHT) in a private transaction that closed Aug. 1.
CRI and OHT are both U.S.-based manufacturers of heavy-duty heat exchangers, radiators and related air, oil, and hydraulic coolers. Established in 1994 and 2003, respectively, the businesses have manufactured and delivered their custom industrial products in mission-critical situations for customers across agricultural, earthmoving, energy, forestry, hydraulics and transportation-focused markets.
“LDR believes foremost in the caliber of the teams and systems at Cincy Radiator and Ohio Heat Transfer as established under their founders’ leadership,” said Richard Sexton, partner at LDR. “Since inception, each of these businesses has cultivated an excellent standard of service and value for their customers, as evidenced by their long-standing blue-chip customer bases. For any boutique manufacturing operation, this is a huge testament to the company’s ability to execute on product quality, timely delivery and customer service. Their history to-date really sets the stage for expansion.”
“We as a team are excited and confident with LDR supporting our next phase to continue what has been built at Cincy Radiator and Ohio Heat Transfer,” said Prasenjit Ray, General Manager of CRI and OHT. “LDR shares our passion for the industry and has the know-how to shift our growth into high gear while adding even more value to our customers. Excitement for the future is high since the transition announcement a few weeks ago.”
LDR has a dedicated focus on leading investor groups in acquiring and growing unique, cash flow-generating businesses in the manufacturing, industrial products and transportation sectors.