Watlow, a designer and manufacturer of complete thermal systems, signed a definitive agreement to sell to Tinicum L.P., a private-equity firm. Desloge family shareholders will continue to have minority ownership in the nearly 100-year-old company. Beyond that, the financial terms of the deal were not disclosed.

Watlow chose Tinicum as a partner that will “continue its legacy” while helping to fund significant investments, enable its acquisition strategy and accelerate its broader long-term strategy, according to a release from the company. The deal is expected to close quickly, pending receipt of customary regulatory approvals. Watlow’s company headquarters will remain in St. Louis.

In the last 15 years, Watlow has focused on growing into a solutions-based, diversified industrial technology company. Watlow provides thermal solutions to companies in industries such as semiconductor manufacturing, power generation, environmental technologies and medical equipment manufacturing.