(April 1, 2014) – Rockwood Equity Partners, a private investment firm based in Cleveland and New York, announced today that is has completed the sale of Global Thermoelectric Inc., a designer and manufacturer of thermoelectric generators and remote power generation systems, to Gentherm, Inc. (NASDAQ: THRM), a Northville, Mich.-based provider of thermal management technologies for a range of heating and cooling and temperature control applications.

Based in Calgary, Alberta, Canada, Global is the world’s leading designer and manufacturer of high-reliability industrial remote power systems for pipeline, wellhead, telecommunications and remote monitoring and control applications. Technologies deployed include proprietary thermoelectric generators, as well as solar and genset-based cycle charging systems.

After acquiring Global in 2004, Rockwood took an active role in leading Global from a non-core division of a larger public company to a highly focused, growth-oriented and professionally managed company. Throughout those nine-plus years, Rockwood worked closely with Global’s management team to strengthen the company’s strategic positioning through a combination of organic growth, internal product line development, geographic expansion and deepened industry partnerships. As a result, Global grew the value of Rockwood’s investment substantially, resulting in a cash-on-cash return of approximately three times invested capital.

Joining Rockwood in leading Global to a successful outcome was a team of fully committed partners, including James Bolen, President of Global, and Bruce Taylor, Chairman of Global. “The Global transaction is an excellent example of Rockwood’s ‘value to growth’ approach to investing in lower middle market companies,” said Vince Nardy, Rockwood partner and member of Global’s board of directors. “Global has been a successful investment for Rockwood, and we are excited that this great company now has a strategic owner in Gentherm to help Global continue to improve and expand its product offerings and penetrate increasingly international market opportunities.”