Cleveland, Ohio, March 3, 2014 – Resilience Capital Partners, a Cleveland-based private equity
firm, has announced the acquisition of Thermal Product Solutions (“TPS”), a subsidiary of SPX
Corporation. TPS designs and manufactures standard and custom environmental test chambers,
industrial ovens and industrial furnaces. Product brands include Tenney, Blue M, Gruenberg,
Lindberg, and MPH. The company’s facilities are in White Deer, Pennsylvania, Riverside,
Michigan, and Malaysia.
“We are pleased to have been selected by SPX for this divestiture. This is Resilience’s tenth
corporate carve out often working with a very large corporation on an extremely complex
corporate divestiture. Resilience and SPX closed this transaction in 44 business days. These are
tough deals to get done and Resilience was able to quickly deliver certainty and value. I
compliment TPS management and the SPX corporate deal team,” said Steven Rosen, Co-CEO of
Resilience Capital Partners.
“TPS has built a strong collection of market leading brands with a reputation for delivering
engineered solutions expertise for a variety of application needs and production requirements.
TPS provides superior capital equipment solutions to a global customer base and serves a broad
range of industries. Resilience looks forward to working with this experienced management
team,” added Ron Cozean, Operating Partner at Resilience Capital Partners. Ron has been
appointed Executive Chairman of TPS, supporting the current leadership.
“TPS is already a market leader in custom engineered thermal solutions. We are excited to take
these great brands to another level with the resources of Resilience Capital. Developing creative
and cost efficient solutions to meet the needs of our customers remains our focus,” said Blake
Hancock, President of TPS.
Kirkland & Ellis LLP acted as legal counsel to Resilience and its affiliates.
About Thermal Product Solutions
Thermal Product Solutions designs and manufactures industrial and laboratory ovens and
furnaces, and environmental temperature cycling and stability test chambers. Product brands
include Tenney, Blue M, Gruenberg, Lindberg, and MPH. The Tenney product brand includes
custom and standard environmental rooms, shock and vibration chambers, and environmental
test chambers. The Blue M product brand designs and manufactures industrial ovens, inline
curing ovens, light industrial furnaces, custom industrial ovens, and ASTM test ovens. The
Gruenberg product brand manufactures class 100 sterilizers, continuous process explosion-proof
dryers, isolators and barrier systems, and a variety of thermal process systems for biotech,
medical devices, and diagnostic products. The Lindberg product brand is a single-source supplier
for the heat treating industry, including design, manufacture, and service. The MPH product
brand offers product engineering and manufacturing services to handle non-ferrous molten metal
handling request with speed and efficiency.
About Resilience Capital Partners
Headquartered in Cleveland, Ohio, Resilience Capital Partners invests in niche-oriented
manufacturing, distribution and business service companies located in the Midwestern and MidAtlantic
United States with sustainable market positions and a clear path to cash flow
improvement. Resilience Capital targets platform businesses with $25 million to $250 million in
revenues across a broad range of industries where it can improve a company’s operations,
competitive positioning and profitability. Since its founding in 2001, Resilience Capital has
invested in 37 companies under 22 platforms. Its portfolio companies today employ more than
5,000 people in 14 states and collectively represent over $2 billion in revenues. Resilience
Capital manages in excess of $320 million for its global investor base which includes pension
funds, insurance companies, foundations and endowments, fund of funds, wealth managers and
investment consultants. For more information, please visit
Contact Information
Steven Rosen
Resilience Capital Partners
(216) 292-4535