Thermal Dynamics Acquired by Zhejiang Yinlun Machinery Company
By Business Wire News
By Business Wire News
Thermal Dynamics International, a major supplier of heat exchangers for the automotive, heavy truck and off-highway industries, has been acquired by Zhejiang Yinlun Machinery Co. Ltd., Tiantai, Zhejiang, China.
Thermal Dynamics manufactures a full range of water- and air-cooled heat exchangers, aluminum radiators and charge air coolers as well as stainless steel integral and remote coolers. It will continue operation as a wholly-owned subsidiary of YLSQ Holdings Inc. in Delaware, USA.
Previously owned by Evergreen Pacific Partners located in Seattle, Washington, Thermal Dynamics has its headquarters and a manufacturing facility in Ontario, California, as well as three joint-venture production relationships in China. It also has sales and application engineering centers in Farmington Hills, Michigan, and Mooresville, North Carolina. It has about 100 employees.
Thermal Dynamics’ customers include Allison Transmission, Daimler Truck North America, Ford, FCA, Harley-Davidson, Oshkosh, PACCAR and Polaris, as well as auto suppliers such as Faurecia and Valeo.
Yinlun Board Chairman Xu Xiaomin noted that the acquisition is designed to expand Yinlun’s footprint in North America, speed global product development efforts and strengthen relationships with major customers in the NAFTA region.
“Thermal Dynamics is a recognized leader in the development and manufacture of innovative heat-exchange systems and components,” Xiaomin explained.
“Yinlun already has a strong customer base with Caterpillar, Cummins Engine, Ford, and John Deere in the U.S., and this acquisition also will allow us to build off of Thermal Dynamics’ diverse automotive, heavy-truck and off-highway customer base,” he added. “In addition, the company also serves industries new to Yinlun such as high-performance and small-engine manufacturers.”
Dean Arneson, president and CEO of Thermal Dynamics, will continue in a similar position with the new Yinlun subsidiary.
“Combining our resources with Yinlun will create tremendous growth opportunities benefiting both companies in the future,” Arneson said. “I am enthusiastic that our new company will be very competitive from day one.”
Zhejiang Yinlun Machinery Co. Ltd. invested $56.65 million to acquire 100 percent of Thermal Dynamics International, which posted sales of $49.5 million in 2015.
Yinlun was established in 1958 in Tiantai and has been listed on the Shenzhen Stock Exchange since 2007 (YL — 002126). In the last 13 years, Yinlun has been ranked as the #1 heat exchanger supplier in the Chinese market. Currently the company has 3,300 employees, the majority at facilities in China. Yinlun also is located in Germany, U.K. and the United States.
About Evergreen Pacific Partners
Based in Seattle, Washington, Evergreen Pacific Partners currently manages two private equity funds totaling $700 million with a focus on investing in traditional, middle-market companies in the western portion of North America. Evergreen Pacific was co-founded by Timothy Bernardez, T. J. McGill and Michael Nibarger. More information is available at www.eppcapital.com.
Larry Weis or Merle Lueckens
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