Cleveland, Ohio, September 4, 2014 – Resilience Capital Partners, a Cleveland-based private
equity firm, has announced that its portfolio company Thermal Product Solutions (“TPS”) has
completed a successful recapitalization with F.N.B. Capital Partners, L.P. The proceeds of the
recapitalization were used to refinance outstanding debt, fund a cash distribution and support
the company’s continued growth. Resilience previously announced this platform acquisition in
March 2014.
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
“On behalf of the entire Resilience organization today we recognize the skills and significant
effort demonstrated within the Thermal Product Solutions organization as well as the Resilience
Operations Team and the Resilience Human Resources Team for delivering on the 30-day, 100-
day and 180-day plans. This debt recapitalization achievement in partnership with FNB Capital,
First National Bank, SPX Corporation and the Resilience Transaction Team allows the company
to expand its line of equipment offerings, innovative energy savings initiatives and aftermarket
support service locations and team. There is no question investing in talented hard working
people always makes sense as evidenced yet again in Riverside, Michigan and White Deer,
Pennsylvania,” said Steven Rosen, Co-CEO of Resilience Capital Partners.
“We are pleased with our initial phase of ownership and eager to start actively seeking follow
on acquisition opportunities for TPS. We are especially interested in businesses that specialize
in chambers, ovens, environmental testing, and aftermarket service,” added Ron Cozean,
Operating Partner at Resilience Capital Partners and Executive Chairman of TPS.
About Resilience Capital Partners
Headquartered in Cleveland, OH, Resilience Capital Partners invests in niche-oriented
manufacturing and business service companies located in the Midwestern and Mid-Atlantic
United States with sustainable market positions and a clear path to cash flow improvement.
Resilience 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 40
companies under 23 platforms. Its portfolio companies today employ more than 7,000 people
in 14 states and collectively represent over $2 billion in revenues. Resilience 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
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 explosionproof
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 singlesource
supplier for the heat treating industry, including design, manufacture, and service. The
MPH product brand offers product engineering and manufacturing services to handle nonferrous
molten metal handling request with speed and efficiency.
Contact Information
Steven Rosen
Resilience Capital Partners
(216) 292-4748