Our portfolio


Sustainable opportunities

  • Fund III
  • Entry 2017
  • Exit -
  • Sales €45 million

As leading experts in flexible insulation solutions, Thermaflex was committed to sustainability long before ‘going green’ made its way to the top of corporate agendas. Founded in 1976, the family business quickly grew into a prominent international player, providing a wide range of smart and sustainable solutions for heating, cooling and potable water, including a revolutionary way to construct district heating networks. Thermaflex’s unwavering drive for green innovation boosted sales tremendously, but in the crises years of 2011 to 2014, ‘green’ proved to be less important than price, and the company suffered under declining sales.

With cutting edge solutions on one side and a bank confronted with problematic figures on the other, a search for new capital and management support began. That search led to Nimbus. Analysing Thermaflex’s strengths and weaknesses, it became clear the company wasn’t able to implement the necessary cost reductions and operational changes itself, so we have brought in our own management and commercial support. Realizing Thermaflex can sometimes be a victim of its own success by launching innovative new products too soon, we have started the process of re-streamlining the company’s product portfolio and the transition from Thermaflex’s many international offices to sales agencies.

The market in which Thermaflex operates offers immense growth opportunities, including 4th generation district heating and cooling networks, as well as indoor insulation solutions and UV-resistant insulation, for nautical, residential and commercial markets around the globe. Nimbus is proud to be involved with a company as innovative and sustainability-driven as Thermaflex. That’s why we support the company’s growth through the necessary capital and through our strategic expertise.

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