Spirax-Sarco Engineering plc (LSE: SPX) (“Spirax”) has acquired Chromalox, Inc. from Irving Place Capital Partners for $415 million. Chromalox is a leader in electric based process heating solutions for a diverse range of industrial markets and applications. Chromalox offers the most comprehensive suite of heating control products on the market and is recognized as a premier brand and technology leader. Chromalox is closely related and highly complementary to the Spirax steam business. Both companies deliver thermal energy management solutions to customers through a primarily direct sales model with the decision between using steam or electricity as a heating medium being driven by differing needs of the application or customer circumstances.