Harris Williams & Co. Advises Chromalox, Inc. in its Sale to Irving Place Capital
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Chromalox, Inc., a portfolio company of Sentinel Capital Partners, to Irving Place Capital. Harris Williams & Co. acted as advisor to Chromalox. The transaction closed on December 28, 2012, and was led by Drew Spitzer and Brian Lucas from the firm’s Energy & Power (E&P) Group, along with Brent Spiller and Doug Kinard from the firm’s Richmond office. Harris Williams & Co. also advised Chromalox in its sale to Sentinel in 2011.
“Chromalox is a terrific platform and the transaction exemplifies the opportunities that are available with the right partner for a leader in a targeted, niche market,” said Drew Spitzer, a managing director and co-head of the E&P Group at Harris Williams & Co.
“This transaction is another example of a prominent trend we are seeing in the M&A market – industrial companies and investors seeking acquisition opportunities that increase their exposure to high growth end markets such as energy and power,” added Brian Lucas, a director at Harris Williams & Co. “A diverse product suite enables Chromalox to offer unique solutions for a broad array of applications across numerous end markets."
Founded in 1918, Chromalox is the premier brand in the electric heating market, providing the most comprehensive suite of products and serving as the industry’s technological innovator. Over its nearly 100-year history, the Chromalox name has become known for engineering excellence, innovative solutions and unsurpassed performance. Chromalox’s product catalog, known as the Big Red Book, is the industry’s “go-to” technical resource for engineers and technicians, with thousands of pages of product information, technical reference guides and design tutorials.
Sentinel specializes in partnering with entrepreneurial executives to buy and build lower-middle market companies in the United States and Canada. Sentinel targets eight industry sectors: aerospace and defense, business services, consumer, distribution, food/restaurants, franchising, healthcare and industrials. Sentinel invests in management buyouts, purchases of family businesses, corporate divestitures, going-private transactions and special situations of businesses with EBITDA between $7 million and $35 million.
Irving Place Capital is a middle market private equity firm that invests in buyouts, recapitalizations and growth capital opportunities. The firm focuses on making control or entrepreneur-driven investments in retail, consumer, industrial and healthcare companies where it can apply its substantial operating and strategic resources and expertise to enhance value. Since its formation in 1997, Irving Place Capital has been an investor in more than 55 companies and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund.