Adam Harris, who has served as Managing Director of Fredericton-based C-Therm Technologies since its inception in 2007, has bought the company from founder Charles Cartmill.
The company released a statement on Wednesday saying Cartmill sold ownership of the company to his top executive for an undisclosed price.
In an interview, Harris said he and Cartmill (who’s best known as the Founder and CEO of LED Roadway Lighting of Halifax) had been discussing the long-term vision for the company and decided the time was right for Cartmill to exit his investment. Harris is committed to continuing to grow the company in Fredericton.
“It just kind of lined up this way,” Harris said in a phone interview. “We reached a point where we had to make some decisions about the future. It’s an opportunity for Chuck to exit, and to do so knowing that the vision will continue. It’s a really nice win-win for everyone involved.”
Added Cartmill in a statement: “I am proud to sell the business to Adam, who launched C-Therm with me 14 years ago. Adam has been an outstanding business leader delivering profitability in every year of our operation while managing key relationships.”
C-Therm has built a range of patented heat-sensor technologies that test how different materials transfer energy. Its products can be used in diverse industries. For example, the company works with clients in clothing and fashion industries to help them understand how their products feel to the touch – whether they’re too hot or too cold, or comfortable to wear.
C-Therm was formed by the acquisition of the assets of Mathis Instruments, a pioneering startup in Fredericton during the first decade of the century.
Over 14 years, Harris and Cartmill have built the company up to become the world leader in transient-based thermal conductivity instrumentation, the team said. In the last few years, the company has opened a new headquarters in downtown Fredericton, and introduced a new product called Trident, a single instrument that assesses three methods of thermal conductivity.
“We have an aggressive appetite for growth and our team is really excited about the future,” said Harris. “We doubled the size of the business the past three years. We are looking to continue that trajectory.”
C-Therm now has 25 employees and Harris anticipates that number will rise in the coming year. With the pandemic lingering, he said the company is looking to bolster its logistics team, with a focus not only on shipping but also on strengthening its supply chain.
He added the company will continue to focus on growing an outward-looking business in the Maritimes, with about 95 percent of its sales taking place in export markets. He and other team members are from the region, and they have always worked to grow a thriving business headquartered in New Brunswick.
“The best part of this whole thing is the quality of the team,” he said. “You know, we’re keeping the band together and it will continue to make beautiful music.”