Laird Thermal sold to German private equity fund
LTS designs and manufactures high-performance, mission-critical active thermal management solutions, primarily for medical applications but also for emerging application in optoelectroincs and lidar, including ADAS automotive safety systems. It was bought by private equity firm Advent International in 2018 for £1.2bn and various parts such as the antenna business sold to Molex. The Thermal business was set up in 2018 as a separate brand.
Bregal, based in Munich, is a global family-backed investment firm that focuses on mid-sized companies across a wide range of sectors in Germany, Austria, Switzerland and Northern Italy within the automotive, business services, consumer, chemicals, e-commerce, healthcare, industrials, media, telecommunications and software sectors. Together, Bregal employs over 13,500 people and generates annual revenues in excess of €2.9bn and has €4bn of assets under management.
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“LTS also reflects the globally diversified customer structure in its own structure: The CEO and a large part of the top management are based in Berlin, development and technology centres are in Rosenheim, Gothenburg (Sweden), Durham (USA) and Shenzhen (China). The production sites are in the Czech Republic and China. “Bregal will support LTS in its geographical expansion as well as in new and adjacent market segments as well as with acquisitions and the introduction of numerous product innovations,” said the company.
“After becoming an independent business, Laird Thermal Systems has continued to go from strength to strength and is now a well-recognised global player in the markets in which it operates. We believe Bregal has the expertise and track record to create lasting value and can effectively support Laird Thermal Systems in its next phase of growth,” said Francesco Casiraghi, Managing Director at Advent.
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