LDR Partners LP Announces Acquisition of Active Radiator, and Combination with Cincinnati Radiator and Ohio Heat Transfer, Forming the Largest U.S. Heavy Manufacturing Platform for Aluminum Industrial Heat Exchangers

PHILADELPHIA and HOUSTON, July 9, 2025 /PRNewswire/ -- LDR Partners LP ("LDR") today announced the acquisition of Active Radiator ("Active"), a leading U.S.-based manufacturer, servicer, and distributor of heavy-duty cooling equipment. The transaction closed on July 3, 2025, and was financed by LDR Growth Partners Fund I LP and affiliated vehicles. Active will now operate alongside Cincinnati Radiator and Ohio Heat Transfer under a unified platform: Active Thermal Solutions ("Active Thermal").

Founded in 1940 and headquartered in Philadelphia, Active is a family-founded business with an 85-year history serving the commercial and industrial heat exchanger market. The company manufactures and provides heavy duty industrial services out of 13 locations across nine states and offers a full line of heavy-duty radiators, DPF recoring and services, charge air coolers, oil coolers, condensers, copper and brass cores, and aluminum components. Its 141,000-square-foot manufacturing facility and 90,000 square feet of storage support a wide range of customer needs, from OEM production to aftermarket service and repair. Active's advanced manufacturing capabilities include:

• Class 6–8 Vehicle Specialization: Products compatible with Autocar, Bluebird, Freightliner, Kenworth, Mack, Navistar, Peterbilt, Volvo, and more.
• Custom Engineering & Reverse Engineering: In-house mechanical engineers design replacement units and reproduce discontinued parts from samples.
• Aluminum Core Manufacturing: Three CAB (Controlled Atmosphere Brazing) furnaces produce high-performance aluminum units.
• Advanced Fabrication Infrastructure: CNC machines, laser cutters, stamping presses, and machining centers support custom and high-volume runs.
• Diesel Particulate Filters (DPF): Products compatible with Caterpillar, Cummins, Detroit Diesel, Hino, Isuzu, Mack, Mercedes, Navistar, Paccar, Volvo, and more.

"Active grew into a nationwide business thanks to our team's relentless dedication to the highest of manufacturing quality, cutting edge technology, fair pricing, and short lead times to exceed customer expectations," said Marty Newell, second-generation owner of Active and now CEO of Active Thermal Solutions. "As my family considered the future of our company, it was imperative to find a partner who shared our core values of people and customers first. With high integrity and its military veteran roots, LDR was the clear choice, and we're proud to keep building this legacy together."

Richard Sexton, Partner at LDR, added, "We've long been bullish on thermal management and are thrilled to partner with Marty and the entire Active team. We like opportunities where we can focus on our strengths – people, processes, and industrial technology – and this platform exemplifies a continuation to that value-creation playbook."

The platform now includes Cincinnati Radiator ("CR") and Ohio Heat Transfer ("OHT"), two Midwest-based, ISO 9001 certified manufacturers of heavy-duty industrial radiators and coolers. Founded in 1994 and 2003 respectively, CR and OHT serve blue-chip OEM and aftermarket clients across power generations, earthmoving, energy, compressors and hydraulic end markets. Both companies are recognized for best-in-class delivery lead times and reliability in mission-critical applications.

On a combined basis, Active Thermal will operate across 15 locations nationwide, encompassing more than 300,000 square feet of manufacturing space and servicing a wide range of sectors, including:

• Agricultural Equipment
• Mass Transit & Lift Trucks
• Construction & Industrial Equipment
• Class 5–8 Commercial On- and Off-Road Vehicles
• Aerospace & Power Generation

The integrated platform features:

• In-house mechanical and heat transfer engineering
• Full machining, tooling, and die-making capabilities
• High-volume and custom fabrication
• The largest collection of CAB and Vacuum Aluminum Brazing (VAB) furnaces in the United States

Looking ahead, Active Thermal will continue investing in product innovation, expanded OEM relationships, and a growing national footprint for aftermarket repair and distribution services.

"Manufacturing is one of America's greatest economic opportunities, and companies like Active prove that domestic supply chain resiliency is alive and well," said Ryan Martin, Managing Partner at LDR. "This transaction marks a new chapter in an 85-year journey and underscores our commitment to investing in exceptional U.S.-based industrial businesses."

ABOUT ACTIVE RADIATOR
Founded in 1940, Active Radiator is a Philadelphia-based manufacturer and distributor of heavy-duty radiators, charge air coolers, oil coolers, and related cooling products. Active serves national truck fleets, industrial companies, and OEMs through its advanced manufacturing facilities and network of 12 service centers. It operates aluminum brazing ovens in Philadelphia, Dallas, and Dayton.

ABOUT CINCINNATI RADIATOR AND OHIO HEAT TRANSFER
Cincinnati Radiator (est.1994) and Ohio Heat Transfer (est. 2003) are leading U.S. producers of custom-engineered industrial radiators and heat exchangers. Headquartered in Ohio, they serve OEMs in transportation, infrastructure, and off-highway applications with rapid turnaround, superior engineering, and flexible manufacturing. 

ABOUT LDR PARTNERS
LDR Partners LP is a Houston-based private equity firm focused on control investments in lower middle-market industrial manufacturing businesses. Founded by U.S. Army veterans and seasoned investors, LDR backs North American manufacturers with equity capital and operational expertise to scale with excellence while upholding values of trust, service, creativity, and discipline. Since 2019, LDR has completed multiple platform and add-on acquisitions through its American manufacturing-focused buyout strategy.

SOURCE LDR Partners LP