OVERVIEW
The Thermo Companies were founded in 1984 to develop power plants and natural gas assets in Colorado. The cash flow generated from these energy assets was deployed across several industries with uncorrelated financial drivers:
Exited
- Cogeneration / Independent Energy: 1984-2008
- Natural Gas: 1989-2008
- Industrial: 2001-2009
- Aircraft Leasing: 1998-2016
Remaining
- Real Estate: 1995-Present
- Financial Services: 2001-Present
- Wireline Telecom: 2002-Present
- Satellite Telecommunications: 2004-Present
Over the last 30 years, a variety of investment strategies have been utilized across capital structures, ranging from internally developed start-up businesses to late-stage investments, generating approximately $3 billion of value. Thermo's partners are deeply involved in day-to-day management for primary holdings and have both proven start-up and turnaround expertise across industries. Acquisition candidates tend to be businesses with substantial hard assets that can be further developed or better operated. Considering its long investment horizon and permanent capital, Thermo is able to take advantage of industries undergoing periods of transition that often prove difficult for traditional investors.
