US industrial heating controls specialist acquires South African distributor
Thermon Group Holdings has acquired Cape Town heating controls supplier Unitemp in a deal advised by BCMS Xigo.
Unitemp is an accredited designer and supplier of heating, sensing, portable instruments, monitoring and control solutions serving the Sub-Saharan Africa market, generating annual revenue of R90m ($8m) in its most recent fiscal year.
Through its global network, Thermon provides highly engineered thermal solutions, known as heat tracing, for process industries, including energy, chemical processing and power generation. Thermon's products provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature maintenance, environmental monitoring and surface snow and ice melting. Thermon is headquartered in San Marcos, Texas.
The current Unitemp management team will continue to operate the business upon completion.
Thermon Group President and CEO Rodney Bingham said: "The acquisition of Unitemp represents an attractive opportunity for us to extend our global footprint to include the African continent, enhance our ability to serve our global customers and expand our presence in the Sub-Saharan Africa market. The acquisition is consistent with our strategy of pursuing organic and inorganic growth opportunities within our core business. Unitemp has been a valued channel partner of Thermon for many years and we look forward to welcoming the employees of Unitemp into the Thermon family."
Unitemp CEO Hans Hitzeroth added: "Unitemp has successfully and consistently grown over the last 20 years. We have reached a point in our development where an outside partner will be able to help accelerate future growth, particularly as it relates to the range of project opportunities that lie ahead. We are excited to be partnering with Thermon, and we expect to strengthen our product ranges, expand our services and become a stronger partner to our valued customers."