Truelink Capital just closed its acquisition of JT Thorpe Group, the Salt Lake City-based industrial maintenance and thermal management company. Terms of the deal were not disclosed.
CEO Kevin Howard isn't going anywhere. He's staying on to run the business and keeping a real ownership stake in it.
JT Thorpe isn't some flashy startup. The company has been doing refractory, fireproofing, and insulation work since 1906, the kind of unglamorous labor that keeps industrial facilities running.
What's in the Toolbox
Refractory, fireproofing, and insulation services
Access and mechanical work for asset integrity
30+ locations across North America
Customers in power generation, semiconductors, LNG, mining, steel, and cement
That's a long-tenured client list for a company most people outside the trade have never heard of.
Money Behind the Move
Truelink Capital, the L.A. private equity firm behind the buy, isn't new to this either. It manages over $4 billion in assets and just made JT Thorpe its third platform investment out of Fund II.
Co-Founder Luke Myers called the company "incredibly durable and hard to replicate." After 120 years in the business, that's not exactly a hot take.
Goldman Sachs and Harris Williams advised on the deal.
Myers also flagged "strategic M&A" as part of the growth plan. Translation: this probably isn't the last acquisition headline with JT Thorpe's name on it.
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