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Indy-based heating-and-cooling firm under new ownership

November 7, 2017

Indianapolis-based manufacturer Rocore Group is slated to fuse to a similar German firm due to a recent change in ownership.

Rocore, established in 1984, makes industrial heat-exchange equipment such as radiators and cooling products. Its corporate office is in Indianapolis, and the company has production facilities in Franklin, Wisconsin; Knoxville, Tennessee; Dallas; and Paducah and Burkesville, Kentucky. 

The company has about 25 Indianapolis employees and 200 total employees between all locations, said Vice President of Sales and Engineering Tony Coats.

On Oct. 20, Germany-based investment firm Triton Funds acquired Rocore from another private investment firm, Keystone Capital Inc. Keystone, which is based in Chicago, had owned Rocore since October 2008. 

The acquisition closed Oct. 20. Financial terms were not disclosed.

Triton’s portfolio includes Germany-based Kelvion Holding Gmbh, which also makes industrial heat exchange equipment.

Coats said Rocore would keep doing business under its existing name and begin operating as a standalone division within Kelvion sometime during the 2018 fiscal year.

“We’re already working side by side with Kelvion,” Coats said. “We are a good fit for their portfolio.”

The two companies make similar products, Coats said, but Kelvion specializes in larger items that are used in different applications than the products Rocore makes.

Coats told IBJ he expects “absolutely zero” staff reductions at Rocore once it combines with Kelvion.

“We are excited with this change and anticipate continuing growth as a result," he said.

Coats estimated Rocore's annual revenue at $50 million.

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