Lincoln Partners Represents Thermo Electron in the Sale of NuTemp, Inc.
Chicago, Illinois - Lincoln Partners is pleased to announce that it represented Thermo Electron Corporation (NYSE: TMO) in the sale of its NuTemp, Inc. subsidiary to Longville Group Limited, a U.K. based specialist rental company. Longville is a portfolio company of Bridgepoint Capital, a U.K. private equity firm with approximately £1.4 billion in equity funds under management.
NuTemp, headquartered in Chicago, Illinois, is a leading supplier of rental cooling systems for the industrial refrigeration and commercial heating, ventilation and air conditioning ("HVAC") industry. The Company is a full-service refrigeration specialist providing short-term, long-term, and emergency rental solutions to manufacturers, contractors, and building owners for their cooling and refrigeration requirements. Products include chillers, industrial refrigeration equipment, air conditioning products, cooling towers, and auxiliary equipment. Headquartered in Chicago, Illinois, NuTemp provides nationwide coverage through six strategically located depots in Illinois, Texas, Louisiana, Florida, Delaware, and Arizona.
Longville Group Limited, with operations in Europe, the Far East and North America, is a global supplier of rental pumps, generators and chillers. Longville was originally established by industrialist Eric Hook in September 1999, when Bridgepoint Capital invested £30 million into a management buy-in. Longville has since made six acquisitions, giving the company world-wide coverage.
Eric Hook, Longville's Group Chief Executive, stated, "Our intention has always been to create a truly international business, by pursuing a ":buy-and-build" strategy, and the acquisition of Chicago-based NuTemp now creates not only a worldwide enterprise but projects Longville Group as a global player in specialist hire."
Thermo Electron Corporation, with annual sales of approximately $2.3 billion, is a global leader in the development, manufacture and sale of technology-based instrument systems, components and solutions used in virtually every industry to monitor, collect and analyze data to provide knowledge for the user. The Company operates in three business segments, Life Sciences, Optical Technologies and Management and Control.