Thermon acquires Powerblanket, supplier of heated blankets; revenue $17M, accretive in 12 months

Thermon Group Holdings, Inc.

Acquired Powerblanket, a North American supplier of heated blankets and portable chillers, for an undisclosed amount.
Powerblanket revenue >$17M in FY ended March 31, 2022; deal expected accretive to GAAP EPS in first 12 months.
Acquisition funded with cash on hand and borrowings under Thermon's revolving credit facility.
Thermon expects return on invested capital above cost of capital within three years.
Deal complements Thermon's thermal management tech and expands commercial market access via Heat Authority platform.

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