By Dan Primack
April 2, 2012

Yet another owner for Buffalo-based manufacturer.

Wellspring Capital Management has agreed to acquire API Heat Transfer from fellow private equity firm Industrial Growth Partners, according to an FTC filing.

It would be the fourth private equity owner for API in the past decade, beginning with its sale by Danaher Corp. (DHR) to Madison Capital Partners for $66 million in 2002. Madison then passed the company onto Audax Group in 2005, which in turn sold it to Industrial growth Partners in 2007.

This may, however, be the last time that API is sold as an independent entity. Wellspring recently acquired Alabama-based heat exchanger manufacturer ThermaSys Corp., and a merger would seem likely.

No response yet to requests for comment from API or the private equity firms.

Sign up for Dan’s daily email newsletter on deals and deal-makers: GetTermSheet.com

You May Like

EDIT POST