The seller was Industrial Growth Partners.
In January 2012, Wellspring acquired ThermaSys Corporation, a manufacturer of a wide range of heat exchangers and heat exchange equipment. Initially ThermaSys and API Heat Transfer will operate independently, but will collaborate to serve their markets with a broader product offering, enhanced product technology and customer service, and greater global reach.
Founded in 1947 and led by CEO Joe Cordosi, API Heat Transfer is a global designer and manufacturer of a wide range of heat transfer technologies that service virtually every industrial market including compressors, food and beverage, dairy, air separation, chemical processing, mobile vehicles, power generation, pharmaceuticals, HVAC, and a wide variety of general industrial applications. The company markets a family of brands, including Airtech, Basco, and Schmidt, which are highly regarded in the industry for their innovative design, exceptional performance and reliable service.
It operates from five modern manufacturing facilities located in the United States, Germany and China, and provides local sales and service to customers through its global sales network. The company currently employs more than 950 people.