CINCINNATI — Thermal Technology Distribution Solutions, a platform for the distribution of industrial temperature management and related products, announced Monday that it has acquired Thermal Devices, a value-added distributor of industrial electric heaters, controls, thermocouples and related products to manufacturers.
Also included in the transaction is Heat Tracing Sales, the company's heat trace cables, controls and engineering support business serving mechanical and electrical contractors.
Founded more than 50 years ago by William Strayton, Thermal Devices has been led for three decades by his son Rob Strayton, who will remain with the Mt. Airy, Maryland-based company and will retain a significant equity stake.
Terms of the transaction were not disclosed.
"Thermal Devices is an exciting company that expands our footprint into the Mid-Atlantic and augments TTDS' heat trace and engineering capabilities," said Jeff Collier, CEO of TTDS. "Thermal Devices provides TTDS with a physical base to better service customers in the East and reinforces TTDS' position as the nation's leading provider of thermal management solutions."
Thermal Devices marks the fourth investment for TTDS, established in September 2023 by middle-market private equity firm Gryphon Investors through Gryphon's Heritage Fund, the firm's small-cap investment strategy. TTDS previously acquired Big Chief Inc., Proheat, and Southwest Heater and Controls.
"Partnering with TTDS and Gryphon allows Thermal Devices to build upon the successful legacy and reputation that we have established in the Mid-Atlantic for over half a century," said Rob Strayton. "My family and the TD team were impressed with the rapid growth of TTDS and are excited to work with them because of the many advantages the TTDS platform offers our customers, suppliers, and employees."
"Completing three add-on acquisitions within months of establishing TTDS validates our position as the clear buyer of choice for thermal management product distributors," said Jeff Pembroke, operating partner of Gryphon's Heritage Fund. "We continue to pursue organic growth and acquisition opportunities with high-quality distribution partners that align with TTDS' vision of providing the highest level of support for our customers and suppliers."
