H.I.G. sells $1B-revenue JT Thorpe to Truelink Capital

H.I.G. Capital has signed a definitive agreement to sell portfolio company JT Thorpe to an affiliate of funds managed by Truelink Capital . Terms were not disclosed. The transaction is expected to close in August 2026, subject to customary closing conditions.

Founded in 1906 and based in Salt Lake City, JT Thorpe provides refractory, fireproofing, insulation, mechanical, and access services to critical industrial infrastructure. It operates from more than 30 locations across North America, serves over 1,100 customers, and generates revenues above $1 billion.

H.I.G. has backed the company since 2022. During that hold, JT Thorpe expanded its services and geographic footprint, and completed four acquisitions.

For H.I.G., the sale caps a four-year hold that repositioned the business. "Kevin and the JTT management team have done an outstanding job transforming the Company into the leading provider of thermal management and asset integrity services across North America," said Matt Gullen, managing director at H.I.G.

Chief executive officer Kevin Howard signalled continuity for staff and customers under new ownership. "As we begin this next chapter, we remain committed to our employees, our culture, and our mission of safely delivering exceptional service to critical industrial facilities across North America," he said.

The deal reflects continued sponsor-to-sponsor activity in industrial services, where private equity firms hand well-scaled, cash-generative businesses to new owners. H.I.G., which manages $75 billion, exits a company it built into a billion-dollar-revenue operator through organic growth and bolt-on M&A.