Chinese manufacturer buys PE-owned Thermal Dynamics
China Zhejiang Yinlun Machinery, a Shenzhen-listed manufacturer of heat exchangers, has acquired US-based counterpart Thermal Dynamics International (TDL) for $56.65 million, facilitating a full exit to US private equity backer Evergreen Pacific Partners.
According to a filing, Zhejiang Yinlun has completed the acquisition of TDL alongside SAIC Capital, a corporate VC arm of Shanghai-listed automobile manufacturer SAIC Motor. Founded in 1957, Thermal...
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