Rocore Holdings (“Rocore”), a portfolio company of Keystone Capital, is pleased to announce the completion of its acquisition of CTI Industries, Inc. (“CTI” or “the Company”).
Headquartered in Orange, CT, CTI is a service provider focused on the highly specialized repair and refurbishment of heat exchangers and steam condensers. CTI’s proprietary repair methodologies are used in the refinery, marine, power generation, and utility industries. The Company counts blue-chip customers in all of these industries as its customer base, and has installations in over 20 countries in the past five years alone. In addition to its North American operations, CTI operates a division in Dubai, United Arab Emirates. Please visit www.cti-ind.com for more information on CTI.
Rocore is a leading designer and manufacturer of heat exchangers and related equipment used to cool air, water, or oil for a variety of applications. Rocore’s products are manufactured out of five North American facilities and are sold to original equipment manufacturers and aftermarket users across a diverse range of industries, including heavy duty truck, power generation, industrial, rail, military, bus and construction equipment. Please visit www.rocore.com for more information on Rocore.
“For Rocore, CTI represents a compelling opportunity for many reasons,” commented Stuart Eden, CEO of Rocore. “We are excited to have the CTI team joining us, and will preserve what has made CTI successful while executing on exciting growth opportunities in front of the company.”
CTI will operate as an independent division of Rocore, and will continue with its operations uninterrupted. All key managers and employees of CTI will remain with the CTI division and join Rocore. Perry Tallman, co-owner of CTI alongside his brother Peter prior to the acquisition, will join Rocore as President of the CTI division. “Our father was a co-founder of CTI in 1976, and CTI is a special part of our family,” stated Tallman. “We are confident that we’ve found a great partner in Rocore and Keystone, and we look forward to continuing CTI’s market leading position well into the future.”
Senior debt financing was provided by The Private Bank, and legal counsel was provided by Kirkland & Ellis LLP.
Jason Van Zant