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Thermach Thermal Spray Coating Systems_Transparent.png

Manufacturer of thermal spray systems

Recapitalization | October, 2020


Founded in 2000, 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 & Post Closing 

In October 2020, 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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