Capstone Partners advised CSTK—one of North America’s largest Thermo King dealers and service providers to the refrigerated transportation sector—on its sale to Trane Technologies, the parent company of Thermo King. The transaction closed in February 2026, and terms of the deal were not disclosed.
CSTK (formerly Central States Thermo King), founded in 1975 and headquartered in Overland Park, Kansas, is a diversified provider of products and services for a variety of cold chain applications. Key offerings include Thermo King transport refrigeration units, comfort systems, auxiliary power units, customized truck bodies, construction equipment, trailer repair & parts, aftermarket HVAC for vehicles & equipment, and more. For more information, visit CSTK here.
Capstone was a trusted partner from beginning to end. From the outset, they took the time to truly understand CSTK, our culture and our business. Their astute guidance and disciplined approach were instrumental in helping us navigate the process and get to a great outcome for shareholders and the CSTK team.
Gordon Mackay, Managing Director and Group Head of Capstone Partners Transportation and Logistics team, stated, ”Michael Kahn and his team have built a great business. It has been a pleasure working with CSTK to bring the company into its next chapter. CSTK has been a trusted partner for its customers around the cold chain for decades and will continue or even strengthen that partnership under Thermo King ownership.”
Trane Technologies is a global climate innovator. Through its strategic brands Trane® and Thermo King®, and environmentally responsible portfolio of products and services, the company brings efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more here.
The investment banking professionals on Capstone Partners’ dedicated Transportation & Logistics, HVAC Services, and Automotive Aftermarket Teams work with leading middle market companies operating in the cold-chain logistics market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Transportation & Logistics Banking Team, contact us here.
