Change at the shareholder level of the Thermamax Group

CAPVIS Decorative picture
Well-prepared for the future with Capvis.

Capvis becomes new majority shareholder of Thermamax Group. The Group, which has grown strongly over the past decades, holds clear leadership positions in various market segments, which are to be further expanded in the future with the new strong financial partner Capvis.

Mannheim (Germany) and St. Helier (Jersey), Aug. 23, 2017. The fund Capvis Equity IV LP, advised by the Swiss private equity firm Capvis Equity Partners AG, acquires the majority of Thermamax Group. Their innovative high-temperature insulation systems range from molded insulation components to integral insulation and complex insulation cladding. These are found in automotive, on- and off-highway vehicles, stationary power generation, ships, and on- and offshore platforms. In addition to the Mannheim-based parent company Thermamax Hochtemperaturdämmungen GmbH, founded in 1976, includes Thermamax, Inc. in Aurora/Illinois (USA) and further sites in Frankenthal (Germany), Taicang (China) and in Belgrade-Obrenovac (Serbia). The Group, which has grown solidly in recent years, is thus excellently positioned for further expansion steps.

The previous majority owner family Darmstädter welcomes the entry of Capvis as a strategic financial partner. Commenting on the move, Jochen Darmstädter said, “We are convinced that in Capvis we have found the best partner for the further entrepreneurial future of Thermamax. Capvis has a lot of experience in related, globally fast-growing industries.” Klaus Darmstädter underlines the entrepreneurial and cultural parallels: “It has become clear that Capvis is fully behind Thermamax’s holistic and process-oriented approach and understands and shares our corporate culture. With this approach, Capvis will accompany the company financially and strategically on its further growth path.”

Eric Trüeb, Partner at Capvis, outlines the future direction of thrust: “Thermamax has an excellent name as a company that can respond extremely flexibly to customer needs thanks, among other things, to its technological expertise and vertical range of manufacture. Thermamax holds considerable market shares in the respective target markets with well over 1000 products. We intend to further strengthen this position together with the existing management and highly qualified workforce, as the importance of high-temperature insulation and shielding systems increases globally due to a variety of efficiency, safety and environmental considerations. In this context, we are particularly pleased that the Brockhaus Private Equity III fund, which has already been on board as a minority shareholder since 2015, will remain invested in Thermamax.”

CEO Ralf Großhauser, together with his management team, will continue to lead Thermamax in the future: “From its leading position in cladding for large engines, Thermamax has also positioned itself as a leading OEM and Tier 1 partner to the automotive industry in recent years. With a financially strong partner like Capvis, Thermamax can seize the growth opportunities that present themselves in its traditional areas, further broaden its range of products and services, and also target new areas of expansion. This marks the beginning of another exciting chapter of sustainable expansion for Thermamax, our customers and business partners, and not least for all our colleagues in the company.”

The parties have agreed not to disclose the financial terms of the transaction. The closing of the transaction is still subject to the approval of the relevant authorities.

Here you can downloadthe full press release.

  • Marine

    SOLAS: Less heat. More safety.

    Market leader for SOLAS-compliant insulation in the marine sector for over 45 years.

  • Oil & Gas

    A prevented fire does not need to be extinguished

    100% SOLAS compliant insulation solutions for maximum work safety on your platform.

  • Power Generation

    Insulation technologies for stationary power generation.

    Undisputed technology leader for outstandingly effective thermal insulation.