Sunday, November 19, 2017

Posted by August 23, 2017

Maritime Propulsion

Capvis Acquires Majority of Thermamax

Capvis becomes the new majority owner of Thermamax Group, a global technology leader in the design and manufacture of thermal and acoustic insulation systems for engines of all kind. The group has grown considerably over the last decades and aims to further expand its position in numerous end markets with the backing of Capvis as new strategic financial partner.

The fund Capvis Equity IV LP, advised by Swiss based Capvis Equity Partners AG (together Capvis), acquires the majority of Thermamax. Its innovative high-temperature insulation systems range from insulation fabrics and integral insulation solutions to complex insulation claddings. These are installed in light vehicles, on- and off-highway vehicles as well as applications in power generation, marine, and on- and offshore platform markets. Apart from the original production site Thermamax Hochtemperaturdämmungen GmbH, which was founded in Mannheim in 1976, and Thermamax, Inc. located in Aurora/llionois (USA), the group has further sites in Frankenthal (Germany), Taicang (China) and Železnička (Serbia). Following solid growth over the past years, the group is today excellently positioned for further expansion. 

The previous majority owners welcome the arrival of Capvis as strategic financial partner. Jochen Darmstädter commented, “We are convinced we have found the best partner in Capvis for the entrepreneurial future of Thermamax. Capvis retains a lot of experience in related, rapidly growing global industries.”

Klaus Darmstädter stressed the entrepreneurial and cultural fit with Capvis: “We have seen that Capvis fully supports the holistic and process orientated approach of Thermamax and supports and shares our corporate culture. On this basis, Capvis will strategically and financially accompany the group on its future growth path.”

Eric Trüeb, Partner of Capvis, described the strategic focus of the Group: “Thermamax enjoys an excellent reputation in the market and is able to tailor its products to satisfy customer requests with a high degree of flexibility by leveraging its technological competence and extensive manufacturing know how. With well over 1000 products, Thermamax holds significant market shares in its target segments. We aim to further strengthen the company’s position together with the existing management team and the highly-qualified workforce, as the importance of high-temperature insulation and acoustic protection is rising globally due to manifold efficiency, security and safety as well as environmental reasons. Therefore, we are also very pleased that Brockhaus Private Equity III Fund, who has been a minority shareholder of the Company since 2015, will remain invested in Thermamax.”
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