Irving Place Capital Agrees to Sale of Chromalox, Inc. for $415 Million

NEW YORK & PITTSBURGH–(BUSINESS WIRE)–Private equity firm Irving Place Capital (“IPC”) and Chromalox, Inc.
(“Chromalox”), a thermal technology company, announced today that they
have entered into a definitive agreement to sell Chromalox to
Spirax-Sarco Engineering plc (“Spirax-Sarco”, LSE: SPX), a UK-based
company specializing in the control and efficient use of steam and other
industrial fluids, for $415 million in cash. Completion of the
transaction is subject to customary closing conditions.

Chromalox is a technology company that delivers temperature management
and process heating solutions for customers in a diverse range of
industrial markets. With a century of experience, a global footprint,
and the most comprehensive suite of heating and control products in the
industry, Chromalox is recognized as a premier brand in the process
heating market. Chromalox was founded in 1917 and is headquartered in
Pittsburgh, PA. IPC acquired Chromalox in December 2012.

“It has been a pleasure to work with the team at Irving Place Capital.
In particular, their support of our growth planning process has enabled
Chromalox to develop multiple innovative technologies, without peer in
the industry, providing the foundation for future growth,” stated Mike
Sutter, President and CEO of Chromalox. “We are excited to become part
of Spirax-Sarco and leverage our combined capabilities to expand and
develop our business.”

“Chromalox is a unique, highly diversified company with a deep history
as a technology leader. The management team has done an exceptional job
and positioned the company for continued success. We wish our management
partners and all Chromalox employees the very best as they join
Spirax-Sarco,” said Keith Zadourian, a Partner at IPC.

Since 2012, Chromalox’s management team, with the support of IPC and its
dedicated resources, has executed numerous strategic initiatives,
including investing in key technology platforms, accelerating new
product development, expanding into new geographies and enhancing
productivity efficiencies. These initiatives have enabled Chromalox to
solidify and improve upon its position as a leader in the global thermal
management market.

UBS Investment Bank and Greenhill & Co., LLC acted as financial advisors
to Chromalox, and Weil, Gotshal & Manges LLP served as legal counsel on
the transaction.

About Chromalox

Chromalox is a thermal technology company that engineers thermal
solutions for the world’s toughest industrial heating applications.
Chromalox goes to market globally across three business segments. The
Heat Trace segment delivers temperature management solutions for piping
systems, valves, and tanks. The Industrial Heaters and Systems segment
delivers process heating solutions for revenue-generating industrial
processes, and the Component Technologies segment delivers component
heating solutions for industrial equipment manufacturers.

About Irving Place Capital

Since its founding in 1997, Irving Place Capital has invested in over 60
portfolio companies, primarily in the industrial, packaging, consumer
and retail industries. The firm focuses on making control or
entrepreneur-driven investments where it can apply its substantial
operating and strategic resources and expertise to enhance value. Irving
Place Capital has successfully executed a broad range of transactions,
including buyouts, recapitalizations, build-ups, corporate divestitures,
take-privates and distressed-to-control situations. Irving Place Capital
generally seeks to invest in companies headquartered in North America or
Western Europe. More information about Irving Place Capital is available
at www.irvingplacecapital.com.

Contacts

Media Contacts
For Irving
Place Capital:
Brunswick Group
Alex Yankus / Christina Tilt
212-333-3810
IRVINGPLACECAPITAL@brunswickgroup.com
or
For
Chromalox, Inc.:
Troy Dixon, VP of Marketing & Business
Development
412-967-3827
Troy.Dixon@chromalox.com