AVON, CONNECTICUT – JULY 30, 2025 – Ironwood Capital is pleased to announce its subordinated debt and equity investments to support LDR Partners LP’s (“LDR”) acquisition of Active Radiator (“Active”). Active will now operate alongside existing LDR investments, Cincinnati Radiator and Ohio Heat Transfer, under a unified platform: Active Thermal Solutions (the “Company”).

Active is a Philadelphia, PA-based manufacturer, servicer, and distributor of heavy-duty cooling equipment, serving on-road and off-road vehicle applications as well as an array of commercial and industrial heat exchanger equipment. Active provides design, build, and service and repair capabilities out of 13 locations across nine states.

Cincinnati Radiator and Ohio Heat Transfer are Midwest-based, ISO 9001 certified manufacturers of heavy-duty industrial radiators and coolers, serving OEM and aftermarket clients across power generation, earthmoving, and other industries. On a combined basis, the Company will operate across 15 locations, providing custom fabrication and prototyping, manufacturing, and service offerings to a range of OEM and aftermarket applications. 

“Active’s advanced manufacturing capabilities, established supply chain, and broad service center footprint are key differentiators in the aftermarket sector, providing cost effective solutions at compelling lead times,” stated Ironwood Capital Partner, Jim Barra. “The combination with Cincinnati Radiator and Ohio Heat Transfer will serve to expand Active’s products, markets, and manufacturing capabilities, and we are excited to partner with LDR to support this domestic manufacturing platform as it pursues its next stage of growth.”

“We are excited about both the market opportunity with Active and the high-quality transaction we were able to execute alongside our financing partners,” said William Brame, Partner at LDR. “Ironwood has an established reputation in this space, and we are thrilled to collaborate with them on the Active Thermal Solutions investment."

About Active Radiator

Founded in 1940, Active Radiator is a Philadelphia, PA-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 advanced manufacturing capabilities and a network of 12 service centers. Active operates controlled atmosphere brazing furnaces in Philadelphia, PA, Dallas, TX, and Dayton, OH. 

About Cincinnati Radiator and Ohio Heat Transfer

Cincinnati Radiator (established in 1994) and Ohio Heat Transfer (2003) are Ohio-based, ISO 9001 certified producers of custom engineered industrial radiators and heat exchangers. The companies serve OEMs across transportation, infrastructure, and off-highway applications with rapid turnaround, engineering, and flexible manufacturing capabilities. The companies operate a vacuum aluminum brazing furnace in Fairfield, OH. 

About Ironwood Capital

Over 20 Years of Middle Market Investing

Ironwood Capital provides non-control junior capital to middle market companies across the U.S. The firm has invested more than $1 billion in over 100 companies since 2001 and currently invests subordinated debt and minority equity in amounts ranging from $10 million to $50 million. Ironwood’s investments support business owners and financial sponsors in growth financings, recapitalizations, generational transitions and buyouts. For more information, please visit: ironwoodcap.com.

Media Contacts

Carolyn C. Galiette

Partner, Chairman, CIO

galiette@ironwoodcap.com 



Kimberly A. Craig

Vice President

Operations, Compliance & Investor Relations

craig@ironwoodcap.com