Industrial Growth Partners

Industrial Growth Partners, established in 1997 and based in San Francisco, is a private equity firm focused exclusively on the manufacturing sector. The firm specializes in investing in engineered products businesses, with a strong emphasis on entrepreneur and family-owned recapitalizations, as well as corporate divestitures. Industrial Growth Partners targets a wide range of industries, including aerospace and defense, analytical instruments, critical industrial services, and healthcare, among others. The firm collaborates closely with experienced industrial CEOs and management teams in the middle market to drive exceptional long-term equity returns, reflecting its commitment to fostering strong partnerships and building market-leading manufacturing businesses.

Matthew P. Antaya

Managing Director

Ronald A. Auletta

Operating Partner

Robert M. Austin

Partner

Rohan Bhargava

Investment Professional

Bryant Buraruk

Investment Professional

Paul Campbell

Private Equity Professional and Principal

Richard Cao

Investment Professional

David DiFranco

Partner

Tim Heston

Partner and Investment Professional

Brett Johnson

COO and CCO

Rohan Kadakia

Associate

Adam Libertini

Investment Professional

John D. Malloy

Partner

Justin McGowan

Investment Professional

Michael O'Connor

Investment Professional

Dave Paborsky

Principal of Operations

John Parent

Investment Professional

Arden Stephens

Investment Professional

Charles Trouba

Investment Professional

14 past transactions

APCT

Acquisition in 2021
APCT, Inc. specializes in the design, manufacturing, and supply of printed circuit boards (PCBs), with a focus on high-quality rigid and flex circuit technologies. Founded in 1977 and headquartered in Santa Clara, California, the company operates additional manufacturing facilities in Orange and Placentia, California, as well as Wallingford, Connecticut. APCT serves various industries, including aerospace, defense, industrial, and medical sectors, offering quick-turn prototypes and advanced engineering solutions. The company emphasizes high reliability and fast turnaround times, leveraging its strategic partnerships in Northern and Southern China, Taiwan, and Japan to enhance its global reach and manufacturing capabilities.

ASPEQ Heating Group

Acquisition in 2019
ASPEQ Heating Group LLC specializes in designing and manufacturing electric heating and thermal management equipment for various sectors, including commercial, industrial, transportation, and marine markets. Founded in 2008 and based in St. Louis, Missouri, the company provides a comprehensive range of products, such as space heaters, immersion heaters, duct heaters, and specialized components like bolt and fluid circulation heaters. ASPEQ is known for its ability to deliver custom solutions through flexible manufacturing techniques that accommodate small and variable production volumes. The company operates two manufacturing facilities in Missouri and is committed to maintaining a vertically integrated process, enabling it to oversee all aspects of production to meet specific customer requirements effectively. Its three leading brands, INDEECO, Heatrex, and AccuTherm, collectively offer one of the industry's broadest lines of thermal management solutions.

Electric Power Systems

Acquisition in 2018
Electric Power Systems, founded in 1977 and based in Maryland Heights, Missouri, specializes in electrical testing and engineering services. The company offers a comprehensive range of services, including testing for low and high voltage substations, AC and DC hi-potential systems, power circuit breakers, transformers, generators, and control systems. Its expertise extends to oil handling and processing, relay and meter calibration, infrared thermographic surveys, and insulating liquid analysis. Additionally, Electric Power Systems provides services in ground grid design, arc flash analysis, and repair and commissioning of substations and transformers. The company also conducts various studies, including short circuit and coordination, power factor analysis, harmonic and power quality assessments, load flow, and motor starting evaluations.

Royal Die & Stamping

Acquisition in 2017
Royal Die & Stamping is a manufacturer providing superior components to the Automotive, Electronics and Telecommunication industries. RDS is a supplier of high-precision, critical electrical connectivity components for automotive and industrial applications. The Company designs and manufactures a broad portfolio of battery terminals, eyelet terminals, fuse components and lead frames, amongst other electrical connectivity-focused products, using complex alloys. RDS is distinguished within the industry by its custom design and engineering expertise, vast library of proprietary products and exceptional quality and customer service.

Iota Engineering

Acquisition in 2017
IOTA Engineering, L.L.C., headquartered in Tucson, Arizona, specializes in designing and manufacturing emergency lighting equipment and backup power supply solutions for commercial, institutional, national, and international markets. Founded in 1968, the company offers a diverse range of products, including emergency ballasts for fluorescent and LED applications, emergency battery packs, and both interruptible and uninterruptible inverters. IOTA's innovations include smart charge controllers and power products for various sectors, including military, aerospace, and alternative energy applications. The company is recognized for its industry-leading technology and quality, ensuring compliance with emergency lighting standards. In addition to its extensive product offerings, IOTA also provides technical services to support its clients.

SPL

Acquisition in 2016
Founded in Carthage, Texas, in 1944, SPL is considered one of the world’s most credible sources of unbiased third-party hydrocarbon insights. Keeping our focus centered on the core values of safety, integrity, innovation and service upon which our business was founded, we support operators with everything from accurate meter calibration and reporting to allocation production and data management. And with expert laboratory personnel and field services teams at 15 strategic locations nationwide, we can ensure the quantity and quality of oil and gas assets at any scale. For more than 70 years, SPL has brought innovation and objective thought leadership to its fields—all with an unfettered commitment to getting it right for our customers.

Des-Case

Acquisition in 2016
Des-Case Corporation, established in 1983, specializes in manufacturing innovative filtration products aimed at enhancing the performance and longevity of lubricants and equipment. Initially inspired by a request from an engineer at a major oil company, the company's founder, Jim Waller, developed the first desiccant breather to address contamination issues in the lubricant industry. Des-Case's product line includes desiccant breathers that prevent contamination, filtration systems that remove pollutants, and visual oil analysis tools that help detect lubricant problems. These solutions serve various sectors, including automotive, aviation, chemicals, and food and beverage, enabling clients to prolong the life of their industrial lubricants while reducing their environmental impact.
North American Substation Services, LLC is an independent provider of installation, repair, and maintenance services for high voltage substation equipment across the United States. Founded in 2005 and headquartered in Altamonte Springs, Florida, the company specializes in services for transformers and circuit breakers, including hot oil processing, condition assessments, and thermal upgrades. Additionally, it offers engineering services such as relay testing and operational assessments. NASS serves a diverse clientele that includes electric utilities, original equipment manufacturers, and industrial customers, operating from eight locations nationwide. The company focuses on extending the lifespan of critical electrical transmission and distribution infrastructure, thereby preventing costly equipment failures.

Sanders Industries

Acquisition in 2014
Sanders Industries is a leading manufacturer of highly-engineered elastomeric tools used in large, composite structure manufacturing, in addition to elastomeric components for aerospace and defense OEM and MRO applications.

Climax Portable Machine Tools

Acquisition in 2013
Climax Portable Machine Tools specializes in the development and manufacturing of portable machining and valve testing systems tailored for high-precision, on-site applications. The company provides a diverse array of products, including boring bars, flange facers, milling machines, pipe cutters, and bore welders, which are essential for maintenance and overhaul tasks in critical infrastructure. Climax's tools are designed to meet the stringent demands of industries that require non-discretionary, tight-tolerance machining, helping clients enhance their efficiency and profitability. Many of the world's largest corporations rely on Climax for solutions to complex machining challenges, underscoring the company's commitment to advancing the state of the art in portable machining technology.

Cambridge International

Acquisition in 2012
Cambridge International, Inc. specializes in the design and manufacture of woven metal products utilized in various industrial, architectural, and environmental applications. The company offers a diverse range of products, including positive and friction drive belts, cage belts, filtration systems, mesh systems, conveyors, and gripper slings. Cambridge International also provides contract manufacturing services for critical components used in gasifiers, incinerators, emission controls, and industrial ovens. In addition to product offerings, the company delivers services such as belt installation, conveyor evaluation, engineering, troubleshooting, and training. Its clientele spans multiple industries, including agriculture, automotive, food processing, pharmaceuticals, and utilities, both domestically and internationally. Founded in 1911 and based in Cambridge, Maryland, Cambridge International has established itself as a leading supplier of metal conveying solutions, particularly for food processing and other sectors. The company has operated as a subsidiary of Rexnord Corporation since 2016.

API Heat Transfer

Acquisition in 2007
API Heat Transfer Inc. is a leading manufacturer of heat exchangers and heat transfer systems, serving various industrial sectors. The company designs and produces a wide range of products, including air-cooled, plate, pre-engineered, shell and tube heat exchangers, as well as thermal systems for applications in compressor cooling, fluid power, food and beverage processing, oil and gas, and power generation. Operating from four manufacturing facilities in the United States, Germany, and China, API Heat Transfer provides comprehensive local sales and service through a global network. Founded in 1947 and headquartered in Buffalo, New York, the company was formerly known as ThermaSys Corporation and is recognized for its commitment to quality and customer support.

AmerCable

Acquisition in 2005
AmerCable is develops and manufactures cable. The Company manufactures flexible mining cable for coal mines, oil and gas drilling and production, surface and underground mining, renewable energy such as solar and wind, and for general industrial applications.

Global Power Systems

Acquisition in 2005
Global Power Systems operates factory-authorized full service marine market dealerships for Cummins, Detroit Diesel and John Deere high-speed diesel engines, as well as Allison transmissions. Global is also an authorized marine dealer for Caterpillar in Louisiana.
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