The Thermal Group Expands Capabilities with Acquisition of ACT Aerospace

NEW YORK, Feb. 3, 2025 /PRNewswire/ -- The Thermal Group ("TTG" or the "Company"), a leading designer and manufacturer of mission-critical and highly engineered components for the defense, aerospace and industrial sectors and a portfolio company of Behrman Capital, today announced the acquisition of Applied Composite Technology Aerospace, LLC ("ACT"), a leading manufacturer of advanced composite structures for the aerospace and defense industry. Financial terms of the transaction were not disclosed.

Headquartered in Gunnison, Utah, ACT combines technological innovation with exceptional manufacturing and design expertise, providing their customers with a comprehensive range of composite solutions for both structural and non-structural requirements. ACT's product capabilities include laminate construction, composite compression molding, resin transfer molding and filament winding, serving a wide variety of high-reliability applications in the defense, aerospace, and business jet marketplaces. ACT also provides complementary services such as design, testing, inspection and engineering, among others.

Harley Kaplan, TTG's Chief Executive Officer, said: "ACT augments TTG's established expertise in thermal design and manufacturing by adding advanced composite capabilities to our product portfolio. Together with ACT, we are enhancing our ability to serve customers through a broader suite of highly-engineered solutions. Bringing together TTG's decades of manufacturing know-how in thermal management with ACT's engineering, design and composite manufacturing capabilities will allow for significant cross-selling opportunities, as we look to build on our strategic position and strengthen our long-term growth prospects."

Jason Christensen, President of ACT, said: "We are proud of ACT's 30-year history of quality and serving customers with engineered composite solutions for high-reliability, and often complex applications. Joining forces with The Thermal Group creates exciting opportunities and enables us to create superior solutions for our customers in the aerospace and defense industry. We are eager to collaborate with TTG and leverage its broader infrastructure and resources to support significant growth in the years ahead."

Grant Behrman, Managing Partner of Behrman Capital, said: "The acquisition of ACT represents an important step in the evolution of the TTG platform and continues the Company's track record of building a robust portfolio of high-reliability engineered solutions through strategic acquisitions. We are excited to partner with ACT management as the combined company enters its next phase of growth."

Houlihan Lokey acted as exclusive financial advisor and Latham & Watkins LLP acted as legal counsel for TTG in connection with the transaction.

About TTG

TTG is a leading designer and manufacturer of mission-critical and highly-engineered thermal management components for defense, aerospace and industrial applications. The Thermal Group's products are critical to the functionality of electronic systems, and include ruggedized chassis, enclosures, heat sinks, cooling systems and other thermal management products. The Company's core manufacturing capabilities include dip brazing, vacuum brazing, CNC machining, fabricating, welding, painting, laser cutting, mil-spec finishing and mechanical assembly. For more information, please visit https://www.thethermalgrp.com.

About ACT

ACT Aerospace is an aerospace and defense manufacturing leader. With a primary focus on advanced composite structures and innovation, ACT Aerospace is well-known as a major aerospace and defense supplier to many large manufacturers and OEMs. The Company's 150,000+ sq. ft. facility is fully integrated to handle any project from design to final product. For more information, please visit www.actaero.com.

About Behrman Capital

Based in New York City, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company's investments are focused in three industries: Defense and Aerospace, Healthcare, and Specialty Industrials. The firm has raised $4.1 billion since inception and is currently investing out of its seventh fund. For more information, please visitwww.behrmancap.com.

Contact

Ross Lovern / Nathaniel Shahan
Kekst CNC
[emailprotected]/ [emailprotected]

SOURCE Behrman Capital