The exit marks a relatively short ownership for Privet, which bought into the business in 2010 and saw the company return to profit last year.
Thermal Engineering had a full-year operating profit of £1.6m in 2012.
Privet Capital founder Steve Keating said, “The short time frame in which we have been able to successfully turn round the performance at Thermal underlines the capability of the team here at Privet, and provides a strong endorsement of our philosophy of arranging capital investment for companies experiencing financial stress.
“It is particularly pleasing that we have been able to both create and realise value, in spite of the challenging economic conditions of the last three years.
“The experience gained at Thermal, and the funds obtained from its sale, will provide Privet with the foundations to recreate these successes at other opportunities within the aerospace and manufacturing sectors.”
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