Two investment groups have bought a majority stake in Scottsville-based Ameritherm Inc.
New York City-based Graycliff Partners L.P. and Fairport-based Exium Partners LLC announced the deal Tuesday. Financial terms were not disclosed.
Ameritherm, known as Ambrell, is a designer and manufacturer of precision induction heating products and systems. Under the agreement, the company’s management team retained a significant amount of equity, officials said.
"Graycliff’s success and deep experience in investing in the manufacturing industry appealed to us as we looked for the right partner to take Ambrell to the next stage of growth," said Richard Rosenbloom, Ambrell CEO.
Company leaders said the deal will allow the firm to continue its expansion into new market segments, including heat treatment and oil and gas, and accelerate product development.
“Ambrell provides proprietary heating products to a loyal global customer base and as a result has experienced 25 years of strong success,” said Andrew Trigg, Graycliff Partners’ managing director, in a statement. “We see a great deal of growth opportunities for the company and look forward to partnering with management to continue to offer new products and to expand both in the U.S. and internationally,”
The company reported having roughly 100 employees in 2012, the most recent information available.
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