#USA #H.I.G. Capital #Salt Lake City #Truelink Capital #JT Thorpe

A Major Transaction in the Industrial Services Sector

In a significant move within the investment landscape, H.I.G. Capital, a renowned alternative investment firm managing $75 billion in capital, has officially entered into a definitive agreement to sell JT Thorpe, its portfolio company, to an affiliate of Truelink Capital. This transaction, anticipated to finalize in August 2026, is part of H.I.G.'s broader strategy to enhance shareholder value and optimize its investment portfolio.

Founded in 1906 and headquartered in Salt Lake City, Utah, JT Thorpe is a leading provider of specialized services such as refractory, fireproofing, insulation, mechanical services, and access solutions. These services play a crucial role in supporting critical infrastructure across diverse markets, including energy, manufacturing, and transportation. With operations spanning 30 locations throughout North America, JT Thorpe serves over 1,100 active customers and boasts revenues exceeding $1 billion.

The partnership with H.I.G. Capital has been transformative for JT Thorpe. During their collaboration, which began in 2022, the company expanded its service offerings and geographical reach while reinforcing its competitive position within the industrial services sector. The leadership team at JT Thorpe credits H.I.G.'s support for a series of strategic initiatives that have solidified their market standing. This included enhancing their go-to-market strategy and completing four significant acquisitions that have further diversified their service portfolio.

Kevin Howard, CEO of JT Thorpe, reflects on this partnership: "Today symbolizes our strong reputation and the dedication our employees exhibit in their daily work. Their commitment has positioned us as a trusted partner across North America. I am proud of all we’ve achieved together, and grateful to our customers for their ongoing trust in us. H.I.G. has been a remarkable partner, supporting our vision and investing in our growth while preserving our company’s culture and values. As we embark on this next phase, we remain committed to delivering exceptional service to our industrial clients."

Matt Gullen, H.I.G.'s Managing Director, echoed Howard's sentiments, praising the JT Thorpe management team for their impressive transformation of the company into a premier provider of thermal management and asset integrity services. Gullen emphasized that the disciplined execution and hard work of the team have driven exceptional growth, culminating in a successful outcome for all stakeholders involved in this transaction.

Goldman Sachs and Harris Williams served as co-lead financial advisors for JT Thorpe, while McDermott Will & Schulte LLP provided legal counsel to both H.I.G. Capital and JT Thorpe throughout this transaction.

About JT Thorpe

JT Thorpe has established itself as a market leader with a wide-ranging portfolio of technical services critical for safe and efficient operations across various industrial sectors. Established in 1906, the company continues to deliver innovative solutions tailored to meet the needs of its diverse clientele.

About H.I.G. Capital

H.I.G. Capital is a globally recognized investment firm founded in 1993, specializing in middle-market investment and managing more than 400 companies worldwide. With offices in major cities across North America and Europe, the firm focuses on providing both debt and equity capital to facilitate management buyouts, recapitalizations, and corporate carve-outs. H.I.G.'s innovative approach and operational focus have cultivated a successful track record, reflected in its current portfolio of companies generating over $53 billion in sales.

As this transaction unfolds, industry stakeholders will be keenly observing how JT Thorpe navigates its new chapter under Truelink Capital and the continued evolution of H.I.G. Capital’s investment strategies in the industrial services sector.