Heat tracing manufacturer Thermon Group Holdings Inc. has executed a definitive agreement to acquire 100 percent of the equity interests of CCI Thermal Technologies Inc. (CCI) for approximately $206.5 million.
Edmonton, Alberta-based CCI develops and produces engineered heating and filtration solutions for industrial and hazardous area applications. Its brands include Caloritech, Cata-Dyne, Ruffneck, Norseman, 3L Filters and Fastra, and products it manufactures for industrial process applications include gas catalytic heaters, electric air heaters, immersion heaters and liquid heat transfer systems. The company serves clients in the energy, petrochemical, electrical distribution, power, transit and industrial end markets.
Bruce Thames, Thermon president and CEO, said during a conference call that the acquisition "creates a leading process heating platform and epxpands the addressable market to an attractive $800 million adjacency." The acquisition diversifies Thermon’s product portfolio and end-market exposure while providing a platform for future growth and consolidation. CCI has approximately 375 employees that support manufacturing and fabrication at five facilities in Canada and the United States.
San Marco, Texas-based Thermon provides heat tracing solutions for the process industries, including energy, chemical processing and power generation. The company's products provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature maintenance and environmental monitoring.