Chattanooga-based Burner Systems International has been sold to an affiliate of New York private equity firm Aterian Investment Partners, officials said today.
Burner Systems is a supplier of components, assemblies and system solutions for the gas appliance industry and employs 1,200 at its facilities in North America and Europe.
Eric Griesemer, Burner Systems' chief executive, said in a statement that the private equity firm has provided Burner Systems with "the appropriate investment to strengthen our balance sheet, execute on our business plan and provide Burner Systems with further growth capital to support our customers' needs."
He termed the transaction "a very positive event for our customers, vendors and employees."
Aterian acquired Burner Systems from Dyson Investments, according to a press release. Terms of the deal weren't announced.
See Friday's Times Free Press for full story.