Sentinel Capital Partners has announced it has sold portfolio company Chromalox to private equity firm Irving Place Capital,
Alongside 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. Terms of the transaction were not disclosed.
During Sentinel’s ownership, Chromalox opened a new manufacturing facility in China to serve that growing market, opened new sales offices in India, Germany, and parts of Asia, and significantly improved the performance of Chromalox’s European operations.
“Chromalox’s management team has done a superb job driving product application growth, while maintaining operational excellence,” said Sentinel co-founder and senior partner John McCormack.
“Combined with its global footprint, Chromalox is 2 very well positioned to respond to the rapidly growing energy and power generation industries worldwide.
“We couldn’t be more pleased with our investment and would like to thank Chromalox’s management team for being such great partners and for their dedication to excellence.”