Platinum Equity has announced the acquisition of Infratech, a pioneer in infrared electric heating solutions with more than 50 years of experience serving customers across residential and commercial heat applications.
Financial terms were not disclosed. Platinum Equity acquired the business from entrepreneur Sam Longo Jr. and Infratech CEO John Mazzotta. Longo and Mazzotta retained equity stakes in the business and Mazzotta is continuing to serve as CEO.
Infratech manufactures high-quality products in the United States and offers a comprehensive product line spanning the outdoor comfort ecosystem, including premium heating solutions, a broad range of UL-listed controls, and multiple mounting and configuration options.
The company is well positioned at the intersection of smart and connected building technology, comfort controls, HVAC solutions and environmental sustainability.
Platinum Equity Co-president Jacob Kotzubei, said the equity firm has a great deal of experience helping entrepreneurial businesses preserve what makes them special while leveraging their commercial and operational resources, sector knowledge and M&A capabilities to unlock new avenues for growth.
“We believe Infratech has built a tremendous platform in an attractive market, and we are excited to support the company as it pursues its next phase of expansion,” he said.
Going forward, Infratech intends to build upon its leading capabilities across heating solutions, controls and product engineering as it evaluates opportunities to expand its portfolio and serve customers across a broader set of end markets and applications.
"What attracted us to Infratech is the strength of its brand, its high-quality domestic manufacturing capabilities, its leading position in the infrared electric heat category, and the depth of its offering across controls, mounting systems and comfort heating solutions," according to Platinum Equity managing director Nick Fries.
"We see meaningful opportunities to invest behind the platform across organic initiatives and through strategic M&A. We are actively pursuing both tuck-in and transformational add-on acquisition opportunities that both complement and enhance Infratech's capabilities and product lineup."
Infratech is actively seeking add-on acquisitions to accelerate growth and expand the company's capabilities across HVAC solutions, outdoor climate and comfort control, and the broader building automation ecosystem.
Mazzotta, who is continuing to serve as CEO, is energized about the prospects for growth under new ownership.
"I'm confident Platinum Equity will propel our company forward to new levels that we couldn't achieve alone," Mazzotta said.
"We both share a vision for the future, and Platinum's involvement will provide further access to capital and resources to drive continued innovation, product development, best-in-class customer service, and the same high-quality offering that Infratech's customer base has known and trusted for a long time.
“We are excited to partner with an organization that understands how to help businesses grow both organically and through M&A, while continuing to invest in our people, our products and our Made-in-the-USA manufacturing foundation."