News

Weiss Technik has acquired Cincinnati Sub-Zero’s Industrial Test Chamber business from Gentherm (NASDAQ: THRM)

HOUSTON, TEXAS (February 6, 2019) – Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that Cincinnati Sub-Zero Products, LLC (“CSZ”), a wholly owned subsidiary of Gentherm Incorporated (NASDAQ: THRM) (“Gentherm”), has completed the sale of its industrial test chambers business to Weiss Technik North America, Inc., a member of the Weiss Technik (“Weiss Technik”) group of companies, a division of the Schunk Group, headquartered in Heuchelheim, Germany. Gentherm announced the company’s intent to divest its industrial test chambers business as part of its focused growth strategy in June of 2018. Statesman served as the exclusive financial advisor to Gentherm throughout the transaction, which closed February 1, 2019. 

CSZ and Weiss Technik are two of the world’s leading manufacturers of industrial test chambers. CSZ’s extensive standard product portfolio blends exceptionally well with Weiss Technik’s custom-made capabilities to provide solutions for all customer needs across all budget levels.  Together, CSZ and Weiss Technik will be the premier worldwide source for technically advanced products in the industrial test chambers industry. The combined companies will hold the leading market share in both Europe and North America.
 
“We welcome CSZ products to the Weiss Technik family. CSZ’s 78-year history and established market reputation in the environmental chamber market made this a clear choice to further expand our presence in the US market and offer our customers additional products to meet their testing requirements,” said Robert Levert, CEO of Weiss Technik North America
 
“This acquisition supports our growth initiatives and will bring further product enhancements and innovation to support our customers with testing solutions designed to meet and exceed their expectations,” said Marc Wolfrum, VP and GM of CSZ. 
 
Weiss Technik will retain CSZ as a product brand and will continue selling CSZ environmental test chambers with the same level of performance, reliability, and field service support that customers have come to expect.  Driven by multi-national expertise, Weiss Technik will support the two product brands with production facilities in Grand Rapids, MI and Cincinnati, OH. All CSZ employees will be retained. 
 
More information on this transaction can be found here: 
https://www.weiss-technik.com/en/article/schunk-group-buys-cincinnati-sub-zero/ 
 
About the Transaction Participants
 
Cincinnati Sub-Zero Products, LLC, founded in 1940, is a leading designer and manufacturer of environmental chambers and temperature-controlled products. Additionally, CSZ also offers testing services. Chambers are used to simulate a diverse range of environmental conditions such as extreme cold and hot temperatures combined with humidity, altitude, or vibration. Chambers can also test a variety of climatic conditions such as rain, wind, dust, and sun exposure. The testing chambers are used multiple end markets on a global basis including the pharmaceutical, automotive, telecommunications, and defense industries.
 
Weiss Technik North America, Inc., based in Grand Rapids, MI, is an industry leader in the design, manufacture, and modification of environmental test chambers. The company is a member of the Weiss Technik group of companies, a division of the Schunk Group headquartered in Heuchelheim, Germany. The Schunk Group is an international technology group employing approximately 8,200 people in 29 countries. Schunk Group offers a broad spectrum of products and services in the fields of carbon technology and ceramics, environment simulation and air conditioning technology, sintered metal, and ultrasonic welding.
 
Gentherm Incorporated (NASDAQ:THRM) is a global developer and marketer of innovative thermal management technologies for a broad range of heating, cooling, and temperature control applications. Gentherm has over 13,000 employees in facilities in the United States, Germany, Canada, China, Hungary, Japan, Korea, Macedonia, Malta, Mexico, United Kingdom, Ukraine, and Vietnam.
Statesman Corporate Finance advised Gentherm and CSZ in this transaction and is the FINRA licensed broker dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation, and other general corporate financial advisory services to middle-market companies. The Statesman team advising on this engagement included Principal Will Jaco and Vice President Jessica Seff.

Honigman, LLP (Detroit, MI) and Varnum, LLP (Ann Arbor, MI) collectively provided legal counsel to Gentherm. Steptoe & Johnson, LLP (Washington, DC) represented Weiss Technik on transactional legal matters.
 
Plante Moran, PLLC, (Cincinnati, OH) provided sell side due diligence services to Gentherm and CSZ, and Eide Bailly, LLP (Minneapolis, MN) provided buy-side due diligence for Weiss Technik.