WAYNE, PA – Guardian Capital Partners (“Guardian”), an operationally focused private equity firm, today announced that its portfolio company, Heatscape, Inc. (“Heatscape”), has acquired Cooling Source, Inc. (“Cooling Source” or the “Company”), a vertically integrated provider of advanced thermal management solutions for the defense, aerospace, medical, and industrial markets. The combination adds owned domestic manufacturing capabilities to Heatscape while expanding its technological breadth and engineering depth.
Headquartered in Livermore, CA, Cooling Source designs, engineers, and produces high-performance thermal components, including heatsinks, liquid cold plates, and heat pipe assemblies. The Company primarily operates from its owned U.S. manufacturing facility, which supports ITAR-sensitive and defense-grade programs. Together, Heatscape and Cooling Source form a best-in-class advanced thermal management solutions provider with premier engineering capabilities, a broad portfolio of thermal technologies, and domestic and international manufacturing operations serving a diverse range of end markets.
“Cooling Source is a high-quality business with strong domestic and international manufacturing capabilities, a loyal customer base, and a reputation for best-in-class quality,” said Scott Evans, Co-Founder and Managing Partner at Guardian. “Combining Cooling Source with Heatscape adds owned manufacturing, scale, and technical breadth while providing customers with a more complete thermal management partner.”
“Bringing Heatscape and Cooling Source together expands our global manufacturing footprint, while also giving our customers access to a broader range of thermal technologies and products,” said Yashar Mira, Chief Executive Officer of Heatscape. “We are excited to welcome the Cooling Source team, whose manufacturing expertise and commitment to quality complement our engineering-led approach.”
“This partnership expands what we can offer our customers and the opportunities available to our team,” said Michel Gelinas, President and CEO of Cooling Source. “Customers will continue to work with the same people and receive the same service, quality, and innovation, now backed by greater capacity and global reach.”
About Heatscape
Founded in Silicon Valley in 1999, Heatscape (www.heatscape.com) is a specialized provider of advanced thermal management solutions for global partners. The Company’s product portfolio, including liquid cold plates, vapor chambers, heat pipe assemblies, and custom heatsinks, delivers high-reliability cooling systems critical to products that keep the world running. Heatscape’s expertise in design and engineering enables it to provide innovative and performance-optimized solutions that enhance electronic performance and longevity across the most demanding applications.
About Cooling Source
Cooling Source, Inc. (www.coolingsource.com) is a vertically integrated thermal management and precision manufacturing company serving defense, aerospace, medical, telecom, EV, and industrial customers. Headquartered in Livermore, CA, with manufacturing in the U.S. and Asia, the Company provides thermal solutions, CNC precision machining, engineering design support, and value-added assemblies, from rapid prototyping through full-scale production.
About Guardian Capital Partners
Guardian (www.guardiancp.com) is an operationally focused private equity firm based in suburban Philadelphia that makes control investments in lower middle market companies. As a thematic investor, Guardian pursues opportunities through its proprietary Guardian Priority Sectors Program, a thesis-driven strategy that channels the firm's focus, expertise, and relationships toward specific sectors of interest. The firm partners with management teams to provide equity capital supporting the growth of privately held businesses, drawing on a unique combination of hands-on operational and transactional experience to help deliver execution and long-term value creation for its portfolio companies. Since its founding in 2008, Guardian has completed more than 90 transactions representing over $4.0 billion in total enterprise value (as of September 30, 2026).