Phillips & Temro Industries Sold To St. Louis Firm
A St. Louis private operating company acquired Eden Prairie-based Phillips & Temro Industries (PTI) on Wednesday for an undisclosed sum.
PTI has approximately 700 employees, but does not disclose revenue.
The company has a 95-year history and makes custom-engineered thermal systems that are used in the trucking, automotive, oil and gas and off-road vehicle industries. The have five locations, including Delano, Minnesota, Watertown, Wisconsin and global locations in the United Kingdom and China.
PTI had been previously been owned by the Audax Group, a private equity firm with offices in Boston, New York and Menlo Park, California. The Audax Group acquired PTI in February 2012.
“PTI’s highly-engineered products and powerful brands fit extremely well with our experience in the engineered products sector,” said Jeff Fox, Harbour Group’s chairman and chief executive officer, in a statement announcing the deal. “We are very impressed by the team at PTI and are eager to support them with our operational resources to seize the many growth opportunities that lay before the company. As we have done for nearly 40 years, we intend to invest heavily in new product development, customer service initiatives, and complementary acquisitions to continue PTI’s success.”
Since being founded in 1976, the Harbour Group has acquired 180 companies in 38 industries.