Truelink Capital on Thursday, July 30, said it will acquire JT Thorpe Group Inc., a provider of specialty industrial maintenance and thermal management services for infrastructure and industrial end markets.

Los Angeles-based Truelink didn’t disclose financial terms of the transaction, which will also mark an exit for HIG Capital LLC, which invested in JT Thorpe in 2022.

JT Thorpe’s management team, led by CEO Kevin Howard, will continue to lead the business and will retain a significant ownership stake in the company.

The Deal in March reported HIG was holding conversations with advisers as it looked to explore a sale process for industrial services platform Terra Millennium Corp., the parent of JT Thorpe. Salt Lake City-based Terra Millennium generates around $150 million to $160 million in Ebitda, The Deal reported, adding the business generated about $80 million in Ebitda when HIG acquired it in 2022.

Founded in 1906, JT Thorpe provides thermal management services including refractory, fireproofing and insulation, as well as asset integrity services such as access and mechanical services. The company supports maintenance and operations at complex industrial facilities across power generation, semiconductor, liquefied natural gas, mining, steel, cement and broader infrastructure and industrial end markets.

JT Thorpe operates through more than 30 locations across North America and serves a long-tenured customer base across industries that require recurring maintenance, safety and technical expertise.

HIG in a separate statement said JT Thorpe expanded its service offering and geographic footprint across North America during the firm’s ownership, strengthened its position in key industrial markets, enhanced its go-to-market strategy and completed four accretive acquisitions.

Truelink plans to support JT Thorpe’s growth organically and through strategic M&A. The transaction marks the third platform investment for Truelink Capital’s Fund II and reflects the firm’s continued focus on industrials and business services companies.

Luke Myers, co-founder and managing partner at Truelink, in the statement said the investment comes as the company benefits from growth tailwinds across infrastructure end markets, including liquefied natural gas, semiconductors, data centers and power generation.

Founded by Platinum Equity LLC veterans Todd Golditch and Myers, Truelink targets middle market companies in the technology-enabled services and industrial sectors with $20 million to $75 million in Ebitda.

Last July, the company announced the closing of its inaugural fund, Truelink Capital I LP, with $875 million in commitments, exceeding its $600 million initial target and $750 million hard cap.

HIG is a middle market private equity firm specializing in debt and equity investments. Its equity funds target management buyouts, recapitalizations and corporate carveouts of manufacturing and services businesses. The firm has invested in more than 400 companies worldwide and manages a portfolio of more than 100 businesses.

In 2023, it closed its latest middle market leveraged buyout fund with $5.5 billion in commitments, and in October 2024, it raised $2 billion for HIG Capital Partners VII, focused on lower middle market companies.

The firms expect to close the deal by the end of the third quarter, subject to customary closing conditions.

Goldman, Sachs & Co. and Harris Williams LLC were financial advisers to JT Thorpe.

HIG Capital tapped McDermott Will & Schulte LLP for counsel.

Stelios G. Saffos, Jesse K. Sheff, John A. Lister and Sophia Premji of Latham & Watkins LLP were counsel to financing sources.