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Investor group buys majority stake in API Heat Transfer

An investor consortium led by Littlejohn & Co. LLC and the asset management and investment advisory unit of Guggenheim Partners LLC acquired a majority stake in API Heat Transfer Inc. for an undisclosed amount.

API Heat Transfer, headquartered in Buffalo, N.Y., designs and manufactures specialty heat exchangers and heat transfer products.

Littlejohn, based in Greenwich, Conn., makes private equity and debt investments mainly in middle-market businesses.