Guardian Capital Partners Completes the Acquisition of Heatscape

By Guardian Capital Partners

11/20/2025

WAYNE, PA – Guardian Capital Partners (“Guardian”), an operationally-focused private equity firm targeting industrial technology niche manufacturing businesses, announced today the acquisition of Heatscape, Inc. (“Heatscape” or the “Company”), a leading provider of advanced thermal management solutions serving the high-performance computing (“HPC”), cybersecurity, artificial intelligence (“AI”), telecommunications, medical, and defense sectors, amongst others. Guardian will partner with the Company’s founders, who will continue to lead the Company under the Guardian partnership.

Headquartered in Morgan Hill, CA, Heatscape provides advanced thermal management solutions to the global OEM and electronic manufacturing services leaders driving innovation across the HPC, AI, and telecommunication markets. As a key partner to OEMs, Heatscape engineers and delivers proprietary heatsink solutions essential to the performance and reliability of current and next-generation computing platforms. The Company’s engineering prowess, strong engineering talent, and deeply embedded blue-chip customer relationships position it for meaningful growth as next-generation computing platforms continue to scale globally.

“Guardian’s investment in Heatscape aligns perfectly with our focus on highly engineered industrial technologies,” said Scott Evans, Co-Founder and Managing Partner at Guardian. “The Company’s technical excellence and strong market position place it at the forefront of next-generation technologies within the expanding thermal management and HPC ecosystem.”

“We are excited to be partnering with the Heatscape management team, who share a deep commitment to excellence, innovation, and customer success,” added Adrian Ironside, Managing Partner at Guardian. “Their engineering expertise has been demonstrated by their success and we look forward to leveraging Guardian’s operational expertise to accelerate strategic initiatives, expand capabilities, and strengthen Heatscape’s leadership in these rapidly growing markets.”

“Partnering with an organization that shares our unwavering, continued commitment to delivering best-in-class quality and building upon our strong operational foundation was paramount,” said Yashar Mira, Chief Executive Officer of Heatscape. “Guardian’s deep industry expertise, operational resources, and collaborative approach make it an ideal partner to support Heatscape’s next phase of growth.”

East West Bank provided financing in support of the transaction. Morgan Lewis LLP served as legal advisor to Guardian. Harris Williams acted as the strategic advisor to Heatscape.

About Heatscape

Founded in Silicon Valley, Heatscape (www.heatscape.com) is a specialized provider of advanced thermal management solutions for global partners. The Company’s product portfolio—including liquid cold plates, vapor chambers, heat pipe assemblies, and custom heatsinks—deliver high-reliability cooling systems critical to products that keep the world running. Heatscape’s expertise in design and engineering enables it to provide innovative and performance-optimized solutions that enhance electronic performance and longevity across the most demanding applications.

About Guardian Capital Partners

Guardian Capital Partners (www.guardiancp.com) is a private equity firm focused on control investments in lower middle-market businesses across industrial technology, specialty business services, and digital infrastructure. Guardian takes a deeply operational and partnership-driven approach, collaborating with management teams to accelerate growth, enhance performance, and strengthen strategic positioning. Based in suburban Philadelphia, the firm has completed more than 80 transactions representing over $3.5 billion in total enterprise value since its founding in 2008.