Harris Williams & Co. Advises Chromalox, Inc. in its Sale to Sentinel Capital Partners
Harris Williams & Co. is pleased to announce the sale of Chromalox, Inc. (Chromalox), a portfolio company of J.P. Morgan Partners, LLC, which is advised by CCMP Capital Advisors, LLC (CCMP Capital), to Sentinel Capital Partners (Sentinel). Harris Williams & Co. acted as the exclusive advisor to Chromalox. The transaction was led by Drew Spitzer, Brian Lucas and Doug Kinard from the firm's Richmond office along with Bill Roman from the firm's Boston office.
"Chromalox is a terrific company with a strong reputation that comes from a 90-year history of product innovation, operational excellence, and superior customer service. As a leading supplier of complex heating solutions across a broad range of energy, power, and other commercial and industrial end markets, the company is well positioned to benefit from continued economic growth and industrial spending in the U.S. and abroad," said Drew Spitzer, a managing director and co-head of Harris Williams & Co.'s Energy & Power Group. "The transaction is indicative of how buyers in today's market continue to be attracted to well run companies with a unique business model and solid competitive position. We look forward to the continued success of Chromalox in its new partnership with Sentinel."
Chromalox is a leading global provider of commercial and industrial electric heating products and solutions. The company is a pioneer in precision heat technology and offers a highly engineered line of products, including heating systems, component heaters, air heaters, heating cable, sensors and controls, and small immersion heaters, along with aftermarket support services. During its 90-year history, Chromalox has established an industry-leading brand, recognized for a legacy of engineering excellence, innovative solutions, and product quality
CCMP Capital specializes in buyout and growth equity investments in the U.S. and Europe. CCMP's core investment strategy is the operational transformation of businesses in partnership with management. The firm's senior team includes professionals with extensive operating histories who play a critical role in executing the firm's investment strategy. With approximately 40 investment professionals in New York, Houston and London, the firm invests in four industry sectors: consumer, energy, healthcare and industrial. Selected investments under management include: ARAMARK Corporation, Chaparral Energy, Edwards Limited, Francesca's Collections, Generac Power Systems, Infogroup, Jetro Holdings, LHP Hospital Group and Warner Chilcott. CCMP Capital's founders have invested over $13 billion in buyout and growth equity investments since 1984. CCMP Capital's latest fund, CCMP Capital Investors II, L.P., closed in September 2007 with commitments of $3.4 billion. CCMP Capital was formed by the buyout and growth equity investment team of J.P. Morgan Partners who separated from JPMorgan Chase & Co. in 2006.
Sentinel specializes in buying and building lower-middle market companies in the United States and Canada in partnership with management. Sentinel targets eight industry sectors: aerospace and defense, business services, consumer products and services, distribution, food and restaurants, franchising, healthcare products and services, and industrial manufacturing. Sentinel invests in management buyouts, purchases of family businesses, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA between $7 million and $35 million.