Truelink Capital has entered into a definitive agreement to acquire JT Thorpe Group, a provider of specialty industrial maintenance, thermal management and asset integrity services. The deal is expected to close by the end of the third quarter, subject to customary closing conditions.
JT Thorpe’s management team, led by CEO Kevin Howard, will continue operating the company and retain a significant ownership interest following the acquisition.
Founded in 1906 and headquartered in Salt Lake City, JT Thorpe provides refractory, fireproofing, insulation, coatings, access, mechanical and related industrial services.
The company operates through a network of more than 30 locations across North America and employs skilled craft professionals who support maintenance and capital projects at complex industrial facilities.
JT Thorpe serves customers across power generation, semiconductor manufacturing, liquefied natural gas, mining, steel, cement, data centers and other infrastructure and industrial markets.
Truelink plans to support the company’s organic expansion and pursue strategic acquisitions that broaden its capabilities and geographic reach.
The acquisition represents the third platform investment completed through Truelink Capital’s Fund II.
Goldman Sachs and Harris Williams served as financial advisors to JT Thorpe.
Truelink Capital manages more than $4 billion in assets and focuses on investments in industrial and business services companies.
KEY QUOTES:
“JT Thorpe has built a durable maintenance business anchored by long-standing customer relationships and recurring, mission-critical services. JT Thorpe also sits at the intersection of strong growth tailwinds in infrastructure end markets right now, from LNG and semiconductor to data centers and power generation.”
“We see significant opportunity to build on its existing foundation, both organically and through a pipeline of strategic M&A, and look forward to partnering with Kevin Howard and the entire JT Thorpe team.”
Luke Myers, Co-Founder and Managing Partner at Truelink Capital
“We look forward to partnering with Truelink and continuing to meet and exceed our customers’ expectations. Truelink’s operational focus and experience partnering with businesses in the infrastructure and industrial services space make them the right partner as we continue to invest in our people, our safety culture and our ability to serve customers across North America.”
“Our team has spent 120 years building this business, and I’m excited for Truelink to help us write its next chapter.”
Kevin Howard, CEO of JT Thorpe Group
