Spirax-Sarco completed the acquisition of Thermocoax from TCR Capital and Chequers Capital for €158m.

Spirax-Sarco Engineering, the thermal energy management and niche pumping specialist, completed the acquisition of Thermocoax, which designs, manufactures, and markets heating, thermal, and temperature measurement solutions, from TCR Capital and Chequers Capital for €158m. The US market holds significant potential for Thermocoax. It has grown substantially there in the last five years but is constrained by lack of critical mass and local credentials. Chromalox has scale, contacts and reputation in the US that can support faster penetration of the market as well as enhancing its offering to its own customers. "We look forward to welcoming Thermocoax, its management and employees into the Spirax Sarco family. The combination of Thermocoax and Chromalox will significantly strengthen our electrical thermal energy solutions presence in Europe while expanding our technology and product offering worldwide. We believe that the global Spirax Sarco footprint will allow both businesses to expand more rapidly into new geographic areas providing sustainable value creation for customers and shareholders," Nicholas Anderson, Spirax-Sarco Engineering Group Chief Executive.