Siparex sells stake in Cotherm to trade

Siparex has backed the business since 2012, along with Crédit Agricole Régions Investissement and the management team. Siparex invested via its Siparex Midcap 2 fund at the time, closed on €130m in 2012. 

Thermofin has acquired the business wholly. Founded in 1993 and based in Candiac, Canada, the business designs, manufactures and markets heat exchangers for industrial processes.

Company
Based in Vinay, and with a site in Tunisia, Cotherm is a thermal control systems specialist. Founded in the 1950s, the group historically specialised in electromechanical thermostats and safety devices mainly for electric water heaters. With time, Cotherm gradually developed its know-how in electronic temperature control products for a customer base of OEMs (original equipment manufacturers) and diversified distributors.

In recent years, Cotherm has increased its international market share and now generates around 80% of sales (€33m) abroad, particularly in the US, Asia and the Middle East.

People
Siparex – Romain Boisson de Chazournes (managing partner); Thibaud de Portzamparc (partner).

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