Cheektowaga-based API Heat Transfer has another new owner, this time Wellspring Capital Management, a private equity firm based in New York City.
A Wellspring affiliate acquired the business from Industrial Growth Partners, the San Francisco, Calif.-based private equity firm that had owned API Heat Transfer since 2007. This is the fourth ownership change for the company since 2002.
Terms of the deal were not disclosed. API Heat Transfer has 283 employees at its Walden Avenue plant, plus 178 employees at a plant in Arcade. It also has one plant in Germany and two in China.
No layoffs are planned as a result of the purchase, said Mark Semer, a spokesman for Wellspring.
API Heat Transfer was founded in 1947. The company designs and makes a variety of heat-transfer technologies serving industrial markets, including compressors, food and beverage processing and power generation.
In January, the same Wellspring affiliate acquired ThermaSys Corp., an Alabama-based maker of heat exchangers and heat exchange equipment.
"Initially ThermaSys and API Heat Transfer will operate independently but will collaborate to serve their markets with a broader product offering, enhanced product technology and customer service, and greater global reach," Wellspring said in a statement.
Joe Cordosi, API Heat Transfer's chief executive officer, said in a statement that through its partnership with ThermaSys, API Heat Transfer "will serve the market with one of the world's leading offerings of specialty heat exchanger products."
Wellspring was founded in 1995 and manages more than $3 billion of private equity capital.
Ten years ago, Danaher Corp. acquired publicly traded American Precision Industries. It subsequently opted to keep the company's motion control operations while selling its heat transfer business -- as API Heat Transfer -- to Chicago-based Madison Capital Partners for $66 million in 2002.
Madison sold the business to Audax, a Massachusetts investment firm, in 2005. Industrial Growth Partners bought API Heat Transfer from Audax five years ago.