Capvis Acquires Majority of Thermamax

Capvis Equity has acquired majority ownership of Thermamax, which will help position the company for even further growth in the future.

The fund Capvis Equity IV LP, advised by Swiss based Capvis Equity Partners AG (together "Capvis"), acquires the majority of Thermamax. Its innovative high-temperature insulation systems range from insulation fabrics and integral insulation solutions to complex insulation claddings. These are installed in light vehicles, on- and off-highway vehicles as well as applications in power generation, marine, and on- and off-shore platform markets. Apart from the original production site Thermamax Hochtemperaturdämmungen GmbH, which was founded in Mannheim in 1976, and Thermamax, Inc. located in Aurora, IL (USA), the group has further sites in Frankenthal (Germany), Taicang (China) and Železnička (Serbia). Following solid growth over the past years, the group is today excellently positioned for further expansion. 

The previous majority owners welcome the arrival of Capvis as strategic financial partner. Jochen Darmstädter comments, “We are convinced we have found the best partner in Capvis for the entrepreneurial future of Thermamax. Capvis retains a lot of experience in related, rapidly growing global industries.”

Klaus Darmstädter stresses the entrepreneurial and cultural fit with Capvis: “We have seen that Capvis fully supports the holistic and process orientated approach of Thermamax and supports and shares our corporate culture. On this basis, Capvis will strategically and financially accompany the group on its future growth path.”

Eric Trüeb, Partner of Capvis, describes the strategic focus of the group: “Thermamax enjoys an excellent reputation in the market and is able to tailor its products to satisfy customer requests with a high degree of flexibility by leveraging its technological competence and extensive manufacturing know how. With well over 1,000 products, Thermamax holds significant market shares in its target segments. We aim to further strengthen the company’s position together with the existing management team and the highly-qualified workforce, as the importance of high-temperature insulation and acoustic protection is rising globally due to manifold efficiency, security and safety as well as environmental reasons. Therefore, we are also very pleased that Brockhaus Private Equity III Fund, who has been a minority shareholder of the Company since 2015, will remain invested in Thermamax.”

CEO Ralf Großhauser will continue to lead Thermamax together with his existing management team: “Starting from a leading position in insulation housings for large engines, Thermamax has successfully established itself as leading OEM and Tier-1 partner in the automotive industry. With a strong financial partner like Capvis, Thermamax can seize further growth opportunities in its existing market segments, broaden the scope of its offering and target new expansion areas. This is the starting point for an exciting new expansion chapter for Thermamax, its customers and business partners and, of course, for all colleagues in the group.”

The parties agreed not to disclose the financial details of the transaction. The closing of the transaction is subject to customary regulatory approvals.

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