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32 ownership transitions.

$347 million of value.

Three decades of experience.

Manufacturer of thermal spray systems

Manufacturer of equipment & parts for the thermal spray industry.

Solution: Recapitalization

Bel Air Growth Partners Recapitalizes Mixer Systems 032023

Business Description

Appleton, WI based Thermach is a leading manufacturer of thermal spray systems. After two decades of operation, Thermach’s three founders were seeking a

transaction that would address their varying personal objectives moving forward. The Company’s key characteristics included: (i) a reputation for quality products and responsive customer service; (ii) a high level of recurring parts revenue; and (iii) a highly diverse customer base.

Transaction Overview

Bel Air Growth Partners and Paul Schulz of PRS Partners sponsored the recapitalization of Thermach in a transaction that generated liquidity for the Company’s founders and broadened ownership among the management team.


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