Irving Place Buys Chromalox
Chromalox manufactures heating components, such as circulation systems and boilers
Private equity firm Irving Place Capital has purchased Chromalox Inc., a company that designs and manufactures electric heating products for an undisclosed price.
The deal marks an exit for private equity firm Sentinel Capital Partners, which acquired Chromalox in March 2011. The Pittsburgh-based target makes electric heat and control products, such as heating components, immersion heaters, circulation systems and boilers for the energy, industrial and commercial sectors.
Chromalox is also known for its product catalog, called the Big Red Book, which serves as a technical resource for engineers and technicians.
During Sentinel’s ownership, Chromalox opened a manufacturing facility in China and new sales offices in India, Germany and Asia.
In January, New York-based Sentinel announced it acquired Hospice Advantage, a hospice organization. In 2012, the firm made six exits, including Chromalox, and made four investments.
Irving Place, also headquartered in New York, most recently invested in retail line Rag & bone in January. The firm’s portfolio companies include New York & Co., Mold-Rite Plastics and Pet Supplies Plus.
Harris Williams & Co. advised Chromalox on the deal.
For more information on related topics, visit the following: