Daily News: October 6, 2017

JPMorgan Commits $250MM to Support Thermon Acquisition of CCI Thermal


Thermon Group Holdings entered a definitive agreement to acquire 100% of the equity interests of CCI Thermal Technologies (CCI) and certain related real estate assets in an all-cash transaction valued at CAD $258 million ($205 million).

Financing for the transaction was committed by JPMorgan Chase. The new debt will be structured as a senior secured term loan facility of $250 million, and will also include a senior secured revolving credit facility of $60 million. Proceeds of the term loan facility will be used to fund the acquisition, certain fees and expenses associated with the transaction, and to repay Thermon’s existing term loan.

Wells Fargo Securities acted as exclusive financial advisor to Thermon in connection with the transaction. Deloitte Corporate Finance acted as exclusive financial advisor to CCI.

CCI develops and produces engineered heating and filtration solutions for industrial and hazardous area applications. CCI markets its products through several diverse brands known for high quality, safety and reliability, and serves clients in the energy, petrochemical, electrical distribution, power, transit and industrial end markets globally.

San Marcos, TX-based Thermon provides highly engineered thermal solutions, known as heat tracing, for process industries, including energy, chemical processing and power generation. Thermon’s products provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature maintenance, environmental monitoring and surface snow and ice melting.