Thermal Solutions Manufacturing

What Thermal Solutions Manufacturing does

Thermal Solutions Manufacturing (TSM) is a privately held, Nashville, Tennessee-based manufacturer of heat exchange and temperature control products serving the heavy duty trucking, industrial, marine, agricultural, and automotive aftermarket segments. The company designs and produces radiators, charge air coolers, condensers, heater cores, replacement cores, and diesel emissions products (DPF and DOC) under proprietary brands including Truck Tough®, Ready-Aire®, and Thermal Prism™. Its technology portfolio centers on proprietary fin geometries (Thermal V-Bump Fin® and Thermal Square Bump Fin®), a protective coating system (Core Coat™), and OE-grade custom engineering using in-house computer modeling.

TSM operates five North American manufacturing plants (Cleveland, OH; two in Dallas, TX; San Bernardino, CA; and MexPar in Mexico) and distributes through 20+ branch offices and two distribution centers. Revenue is generated primarily through direct hardware sales to enterprise OEMs (Peterbilt, Kenworth, Freightliner, Volvo, Navistar, Mack, Caterpillar, Cummins, Detroit Diesel), fleet operators, dealers, and independent repair shops, supplemented by custom engineering and design services. The company is owned by Altus Capital Partners III, L.P., following its 2020 acquisition of Alfa Laval Champ (rebranded TSM Champ), which materially expanded its marine heat exchanger business. No public pricing, revenue, or unit-economics data is disclosed.

Name

Thermal Solutions Manufacturing

Legal name

Thermal Solutions

Website

https://thermalsolutionsmfg.com

Company type

Private

Founded year

1915

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Thermal Solutions Manufacturing is a Nashville-based, PE-owned manufacturer of OE-grade heat exchangers, radiators, charge air coolers, condensers, and diesel emissions products for heavy duty trucking, industrial, marine, agricultural, and automotive aftermarket customers across North America.

Ownership category

akta.pro rank

Product category

Heavy Duty Heat Exchangers and Engine Cooling

NAICS

Power Boiler and Heat Exchanger Manufacturing (332410), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Automotive Heat Exchangers Manufacturing (Radiators/Condensers/Evaporators/Heater Cores) (IMACALAC)

akta.pro secondary industries

Commercial Vehicle Cooling, HVAC & Thermal Management Manufacturing (IMACABAN), Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC)

Keywords

• Heat exchange products
• Heavy duty radiators
• Diesel emissions products
• Marine heat exchangers
• Charge air coolers

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Heat Exchanger Products: TSM generates revenue through the manufacture and sale of heat exchange products including radiators, charge air coolers, condensers, heater cores, and cores for heavy duty, industrial, marine, agricultural, and automotive applications. Products are sold through direct sales channels with a network of branches and warehouses across North America.
2. Custom Application Engineering: TSM offers custom design and engineering services to build custom heat exchangers and cooling systems to customer specifications using state-of-the-art computer modeling equipment, providing a differentiated revenue stream from standard catalog products.
3. Diesel Emissions Products: Sale of DPF (Diesel Particulate Filter) and DOC (Diesel Oxidation Catalyst) replacement products for diesel engines, providing exact-fit OEM replacement units.
4. Radiator Parts and Supplies: Sale of radiator parts including custom brass tanks (5 styles built to specifications), core gaskets in rolls of 125 feet or pre-cut for over 300 core part numbers, and accessories such as shields, guards, grilles and brackets.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Thermal Solutions Manufacturing (TSM) manufactures and distributes heat exchange and diesel emissions products including radiators (Truck Tough®), charge air coolers, condensers, heater cores, replacement cores, and DPF/DOC diesel emissions units for heavy duty Class 4-8 trucks, industrial machinery, marine vessels, agricultural equipment, and automotive applications. The company operates five North American manufacturing plants and reaches customers through a direct sales network of 20+ branches and two distribution centers across the U.S. and Mexico, supplemented by custom engineering services.

Product overview

Thermal Solutions Manufacturing (TSM) is a manufacturer and leading provider of heat exchange and diesel emissions products for the heavy duty, industrial, and automotive aftermarket. The product portfolio centers on cooling solutions including Truck Tough® radiators (the flagship brand for Class 4-8 trucks), TSM Champ marine heat exchangers, charge air coolers, condensers, heater cores, and replacement cores. Supporting products include diesel emissions control (DPF/DOC), the proprietary Thermal Prism® for Tier 4 applications, and custom aluminum products featuring proprietary Thermal V-Bump Fin® and Thermal Square Bump Fin® technologies. The company also offers radiator parts and supplies for installation. With five North American plants and a nationwide distribution network, TSM provides both catalog and custom-built heat exchangers for trucks, heavy industrial, marine, agriculture, mining, and automotive applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Truck Tough® Radiators Heavy duty radiators for Class 4-8 trucks featuring all-metal construction with copper and brass cores or plastic tank/aluminum construction, with 780+ unique SKUs covering more than 36,000 applications for fleet and OEM customers.
• Charge Air Coolers Welded aluminum charge air coolers (CAC) with over 200 unique SKUs covering more than 7,500 applications for medium and heavy-duty trucks, designed to prevent turbocharger and internal engine component failure.
• Condensers Truck Tough® air conditioning condensers with aluminum construction, heavy-duty reinforced brackets, and OE-style direct fit design, covering 100+ SKUs and 4,200+ applications for major truck brands.
• Cores Replacement heat exchange cores with more than 5,000 numbered cores including the LeMaster line for Caterpillar foldable and modular cores, available in aluminum, steel, copper, and brass construction.
• Ready-Aire® Heater Cores Ready-Aire® replacement heater cores with over 365 unique SKUs covering 11,500+ applications, featuring copper/brass, V-cell, and aluminum construction with welded neck tube connections to prevent pipe-to-tank leaks.
• TSM Champ Marine Products Heat exchangers, oil coolers, fuel and power steering oil coolers, shell and tube radiators, and stainless steel oil coolers for the marine engine industry, providing OE-grade cooling solutions for recreational boats and vessels up to 10,000+ HP under the TSM Champ brand (acquired from Alfa Laval Champ in January 2020).
• Aluminum Products Custom aluminum heat exchangers including cores, complete units, and tube assemblies, featuring proprietary Thermal V-Bump Fin® and Thermal Square Bump Fin® profiles for enhanced cooling performance in specialty applications.
• Diesel Emissions Products DPF (Diesel Particulate Filter) and DOC (Diesel Oxidation Catalyst) products made in the USA with OE substrate, advanced oxidation catalyst, and corrosion-resistant stainless steel canister, covering Caterpillar, Cummins, Detroit Diesel, International, Mercedes, Navistar/Maxxforce, and Volvo/Mack applications for diesel emissions compliance.
• Thermal Prism® Tier 4 emissions-compliant thermal management product for industrial applications, branded under the Thermal Prism™ trademark and built around DPF and DOC technology with OE substrate and advanced oxidation catalyst in corrosion-resistant stainless steel canisters.
• Radiator Parts & Supplies Installation facilitation products including custom radiator tanks in five styles built to specifications, cork and rubber gaskets available in 125-foot rolls or pre-cut for over 300 core part numbers, plus shields, guards, grilles, and brackets for radiator installation and assembly.
• Custom Application Engineering Custom design and engineering service that builds custom heat exchangers and cooling systems to customer specifications using state-of-the-art computer modeling equipment, supporting custom aluminum cores, custom brass tanks, industrial radiators with electric drive motor assemblies, and custom fin types in copper/brass and aluminum.

Quantifiable outcome

• 780+ unique SKUs covering over 36,000 applications
• +4 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• Alfa Laval ChampcoreStrategic or Co-development Partner · 9 January 2020Thermal Solutions Manufacturing acquired Alfa Laval Champ in January 2020. The acquisition added production capacity, engineering support, product breadth, and operations leadership expertise to TSM's existing capabilities, significantly expanding the company's marine heat exchanger offerings and manufacturing footprint.
• R&D EnterprisescoreStrategic or Co-development Partner · 1 January 1974R&D Enterprises has been a leader in the design and manufacturing of OE-quality marine heat exchangers and cooling products since 1974. R&D serves as TSM's marine products division (TSM Champ), providing products for recreational boats and vessels up to 10,000+ HP. The relationship provides TSM with deep marine industry expertise and a comprehensive marine product line.

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Modine Manufacturing: Modine is a leading global manufacturer of thermal management technologies for commercial vehicles, industrial equipment, and EV powertrains. TSM and Modine compete directly in heavy duty truck radiators, charge air coolers, and engine cooling for Class 4-8 applications, with overlapping OEM and aftermarket customer bases.
• Spectra Premium: Spectra Premium is a North American aftermarket specialist in radiators, heater cores, and air conditioning components for passenger and light truck segments. It directly competes with TSM in the automotive aftermarket and overlaps on condensers, heater cores, and replacement radiators.

Broad incumbents

• Denso: Denso is one of the world's largest automotive thermal management and HVAC component suppliers, producing radiators, condensers, and EV cooling modules globally. It competes with TSM across automotive and heavy duty thermal products, though it serves a much broader OEM book and is significantly larger.
• Valeo: Valeo is a major global supplier of thermal systems for passenger and commercial vehicles, including front-end modules, radiators, and HVAC. It is a broader incumbent than TSM but directly comparable in product categories such as condensers, radiators, and thermal management for electrified powertrains.
• Mahle: Mahle is a large automotive supplier with a strong aftermarket business in radiators, heater cores, and engine cooling components. Its aftermarket catalog competes head-to-head with TSM's Truck Tough® and Ready-Aire® brands, and its OEM thermal business targets overlapping commercial vehicle customers.
• BorgWarner: BorgWarner supplies thermal and emissions management products to commercial vehicle and engine manufacturers, including components that intersect TSM's DPF/DOC and thermal management portfolio. It is a broader powertrain and emissions incumbent with comparable heavy duty OEM relationships.

Others

• Cummins: Cummins is a major diesel engine manufacturer and a TSM customer for DPF/DOC and engine cooling products. As a downstream customer of TSM and a vertically integrated thermal component producer, Cummins represents both a key revenue source and a potential competitor or insourcing threat.
• Caterpillar: Caterpillar is a major OEM for heavy industrial and diesel equipment and a TSM customer for cooling and emissions components, including the LeMaster line of folded and modular cores. Comparable to TSM as a customer relationship and as a benchmark for industrial heat exchanger demand cycles.

Regional players

• Titan International: Titan International manufactures wheels, tires, and undercarriage products for agricultural, construction, and off-road equipment, often bundled with cooling system service in the same heavy duty channels. It is a regional-scale comparator for industrial and agricultural aftermarket economics where TSM also competes.

Emerging players

• Surge Radiators (and similar independent heavy duty radiator rebuilders): Independent heavy duty radiator rebuilders and regional aftermarket specialists compete with TSM at the local service and repair level. They typically do not match TSM's five-plant manufacturing scale or SKU breadth, but they win on proximity and price in regional fleet accounts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/thermal-solutions-manufacturing

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thermal Solutions Manufacturing