Irving Place Capital, a middle-market private equity firm, has acquired Chromalox, a global manufacturer of branded electric heating and control products, from Sentinel Capital Partners. In connection with this transaction, the senior management team of Chromalox has increased its ownership in the company and will retain a substantial stake in the business going forward. The terms of the transaction were not disclosed.
Founded in 1918, Chromalox is the premier brand in the electric heating market, providing the most comprehensive suite of products and serving as the industry’s technological innovator.
A consortium led by GE Capital and composed of existing lenders to Chromalox provided debt financing for the transaction. Weil, Gotshal & Manges LLP provided legal counsel to IPC in connection with the transaction.
