Thermal Care acquired by IPEG, joining Conair, Rapid Granulator and Republic Machine

IPEG Inc. (Cranberry Township, PA) has acquired Thermal Care Inc. (Niles, IL), boosting its heat transfer presence in the plastics industry and building out its auxiliaries portfolio, which already includes The Conair Group, Rapid Granulator, and Republic Machine, which it acquired only 11 days prior.

"We are absolutely thrilled to be making this announcement today," Chris Keller, IPEG CEO, said in a teleconference to discuss the deal. "We've known the business and the people associated with it for many, many years, and we're very excited to bring them onto our platform. It's a fantastic strategic fit, fantastic cultural fit, and we look forward to growing Thermal Care and all of the IPEG platform."

Just as the Republic Machine deal augmented the group's size-reduction portfolio, adding the Louisville, KY based firm's line of single-shaft shredders to Rapid Granulator's offerings, Keller noted that Thermal Care's heat-transfer technologies complement and augment Conair's.

"We create scale in the heat transfer part of our business next to none in North America," Keller said, "and with that will come investment in new technology that few of our competitors can match. We have 20 some full-time engineers dedicated to heat transfer; that's a pretty powerful force to focus."

Conair's heat-transfer technology portfolio includes water, oil, and vacuum  based temperature control units (TCU); cooling towers; pump tanks; tower water filter systems; portable and central chillers; cooling water; and tower heat exchangers. Brands include the Thermolator series of TCUs, and EarthSmart air- and water-cooled chillers. 

Thermal Care produces water-, oil-, and vacuum-based temperature controllers; portable and central chillers; and cooling towers and pump/reservoirs, with portable chillers from 1 to 40 tons, and TCU brands like Aquatherm, Oiltherm, and Vactherm.

Thermal Care is a subsidiary of MFRI Inc., a publicly traded company that includes businesses in pre-insulated piping systems, industrial air filtration, and commercial, industrial and institutional HVAC systems.

Benson named president
Thermal Care will operate as a wholly owned subsidiary of IPEG, maintaining business offices and manufacturing operations at its existing Niles, IL, location, and Conair and Thermal Care will share resources and technology, according to a release. Steve Buck, current president of Thermal Care will transition within MFRI, but other staff are expected to remain. Tom Benson, a 25-year employee and current VP sales and marketing will be named president of Thermal Care.

With the Thermal Care deal being announced only 11 days after the acquisition of Republic Machine, Keller was asked if IPEG was still on the acquisition trail or if it would take some time to "digest" its newest deals.

"Clearly [Republic and Thermal Care] are plenty to digest," Keller said. "I would just conclude, that we're opportunistic; we're always looking for an opportunity that fits our strategy and fits our culture."

Keller also praised Thermal Care's business structure and staff, noting that IPEG will largely let the business run itself.

"[Thermal Care] built a great business here," Keller said. "They have great products, great distribution, great people, and we don't intend to do anything to diminish that."