Thermon closes $260.3M acquisition of CCI Thermal Technologies

Thermon Group Holdings, Inc. (NYSE: THR) has closed the previously announced acquisition of all of the issued and outstanding equity of CCI Thermal Technologies Inc. and certain related real estate assets from Cathy Roozen, Harold Roozen and management shareholders.

The transaction closed on October 30, 2017,

The acquisition was completed substantially under the original terms announced October 4, 2017, which called for Thermon to pay CDN $258.0 million in cash at closing, subject to customary working capital adjustments. The preliminary working capital adjustment, net of cash received, increased the purchase price by CDN $2.3 million.

Edmonton, Alberta based CCI Thermal Technologies Inc. is a worldwide leader in development and production of advanced heating and filtration solutions for industrial and hazardous area applications. CCI’s business to date has been focused on serving customers’ heating and filtration solutions for industrial and hazardous area applications primarily in North America.

The current management team, led by President Bernie Moore, will continue to operate CCI.

Wells Fargo Securities acted as exclusive financial advisor to Thermon. Deloitte Corporate Finance Inc. acted as exclusive financial advisor to CCI.

Miller Thomson LLP acted as legal counsel to the sellers while Bennett Jones LLP acted for Thermon.

photo credit: CCI Thermal Technologies

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.