Triton has signed an agreement to acquire the US heat exchange product manufacturer Rocore Group
Frankfurt (Germany)/Indianapolis (USA), 23 October 2017 - Funds advised by Triton ("Triton") have signed an agreement to acquire Rocore Group, a leading US producer and supplier of heat exchange products. The business produces a variety of heat exchange products focussing on the US market.
"We want to support the management and employees of this business as a stable owner by investing in and supporting the growth and development of the company. We will contribute our strategic insights from the heat exchange industry and may consider to combine the businesses with Kelvion in our heat exchanger portfolio mid-term. We look forward to working together with the management team and the Board of Directors in building a stronger company", said Peder Prahl, Director of the General Partner for the Triton funds.
"Rocore Group, as one of the market leaders in the US, has been building its current presence over the last four decades. This transaction is an important milestone, enabling us to continue with our strategic efforts. We welcome Triton as a new majority owner and a respected investor who will embrace the execution of our plans for expanding our market positions in current areas of focus and to leverage synergies within their heat exchange portfolio", said Stuart D. Eden, CEO and President of Rocore Group.
“Rocore is a great company with an impressive growth profile. We are convinced about the positive fundamentals of that industry segment and looking forward to leverage synergies to further grow the firm”, added Herbert Doleisch, Investment Advisory Professional and Advisor to the Triton Funds.
About Rocore Group
Rocore, headquartered in Indianapolis, USA was founded in Greendale, Wisconsin in 1984 as a supplier of fabricated sub-assemblies used in heavy duty industrial radiators.
Today Rocore focuses on heavy duty industrial end markets including Power Generation, Petrochemical, Oil & Gas, Rail, On-Highway and Off-Highway. Rocore maintains five operating facilities in the USA & one outside the USA, plus multiple sales offices. Rocore supplies a wide variety of heat exchange solutions, products and services into its identified end market segments.
With over one million heat exchangers manufactured, Rocore’s foundation is truly built around customer satisfaction through our service, product quality, capability and flexibility to meet customer needs.
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 30 companies currently in Triton's portfolio have combined sales of around €14.5 billion and around 90,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
For further information: www.triton-partners.com