Evergreen Pacific Partners, a Seattle private equity firm with $700 million under management, has acquired Thermal Dynamics in a deal of undisclosed size. Based in Ontario, California, Thermal Dynamics is a maker of advanced heat exchangers for cars, trucks, motorcycles, and military equipment. The technology is used in power steering; automatic transmission; and hydraulic fan drive fluids.
The cash infusion will be used in part to expand the company’s product development, with the Thermal Dynamics’ management team to stay in place.
“Working with the team at Evergreen, we’re excited to continue pushing technical innovation across the automotive industry and further develop successful and rewarding long-term relationships with our customers,” said Jamin Patrick, president of Thermal Dynamics.
Evergreen Pacific Partners has invested in a number of companies over the years, from Gene Juarez Salons & Spas; Radiant Imaging; Western Broadband; and Nuprecon.