Heritage Capital Group, Inc., an investment banking and financial advisory firm serving middle-market and emerging growth companies in the US and worldwide, is pleased to announce that its client, Illingworth Engineering Company, has been acquired by Thermal Tech, Inc.
Illingworth specializes in the design, sale, repair, and service of packaged boiler systems throughout north Florida and south Georgia. Founded in 1939 by Dick Illingworth, the Company was sold in 1945 to O.H. Fletchall and has been in the family ever since. With over 80 years in the industry, Illingworth has proudly maintained well-established customer and vendor relationships and is recognized as the longest standing authorized Cleaver-Brooks representative in the US.
Thermal Tech is a commercial and industrial boiler repair, installation, and maintenance service provider located in central Florida. The firm was established in Tampa, Florida, in 1984 by one of O.H. Fletchall’s sons, Don Fletchall, and Hugh Wilson.
“The decision to sell a business that had been in my family for over 75 years was obviously a big one, so I needed an advisor who would be able to guide me through every step while understanding the unique dynamics of a family owned business,” remarked Michael Fletchall, owner of Illingworth. “In Heritage, I found a partner who understood the value of a multi-generational business and was able to seamlessly navigate the transaction process from start to finish. We told Heritage that our buyer had to be one whose vision and operations were in line with Illingworth’s mission, culture, and goals. Heritage was successful finding and negotiating terms with such a buyer.”
Heritage served as the exclusive financial advisor and intermediary to Illingworth. The deal team was led by Joe Hawkins and Don Wiggins, and included Mary Frosio and Robert Cilek.
“It was our privilege to represent a firm that, for over 80 years, has been a leader in the boiler industry in northern Florida and such an integral part of the Fletchall family,” Joe Hawkins commented. “I am pleased that we have ultimately matched them with an ideally suited buyer to carry on their legacy.”
The terms of the transaction were not disclosed.
For more information about the deal, click here.
