AI Infrastructure Partners Closes Acquisition and Strategic Partnership with TGM Incorporated

Lake Oswego, OR — April 7, 2025 — AI Infrastructure Partners (AIIP) is proud to announce its acquisition of TGM Incorporated, headquartered in Richardson, TX, a premier provider of thermal management systems and custom solutions for semiconductor and advanced manufacturing markets. This investment marks a significant milestone for AIIP in its mission to scale critical infrastructure businesses powering the AI economy. 

"We’re incredibly excited to partner with TGM. The business represents exactly the kind of high-integrity, high-potential platform we set out to back with AIIP — technical depth, customer trust, and a massive opportunity to scale as part of the next wave of semiconductor manufacturing and AI infrastructure buildout," said Jason Frank, Managing Partner and Co-Founder of AI Infrastructure Partners. "This is more than a first investment — it’s a foundational piece of our portfolio strategy." 

“This partnership with AIIP is a pivotal step forward for TGM,” said Richard MacCracken, Founder and CEO of TGM. “With their strategic support and growth capital, we’ll be able to scale our operations to meet accelerating customer demand, invest in new technologies, and expand our product and service offerings. We’re energized by the opportunity to combine AIIP’s resources with TGM’s 37-year history to enable the next generation of semiconductor and AI infrastructure.”  

In addition to its initial buyout transaction, AIIP plans to provide growth capital and strategic resources to help TGM scale operations, expand its manufacturing capacity, and invest in the people, systems, and capabilities needed to meet surging demand from semiconductor, nuclear energy, and advanced manufacturing customers. As global demand for compute power, data infrastructure, and AI-driven technologies continues to rise, TGM is uniquely positioned to be a key enabler of the precision systems and services required by leading chipmakers and OEMs. 

About AI Infrastructure Partners 

Artificial intelligence is driving a multi-trillion-dollar transformation in digital infrastructure, further amplified by the urgent push to onshore critical capabilities and strengthen supply chains. This shift has created unprecedented demand for the hardware, services, and expertise essential to supporting AI’s growth, but the ecosystem faces bottlenecks and inflated valuations tied to AI hype. 

Founded in 2024, AI Infrastructure Partners (AIIP) (aiipartners.ai), an operator-led private equity firm, focuses on "picks and shovels" opportunities within AI infrastructure. With deep industry expertise, AIIP identifies and partners with established businesses addressing key challenges in chip manufacturing, data centers, and energy systems, enabling them to scale effectively and support the AI revolution. This approach positions our investments to achieve sustainable growth while reinforcing America’s leadership and resilience in the AI Supercycle. 

About TGM Incorporated 

Founded in 1983 and headquartered in Richardson, TX, TGM Incorporated (tgm-incorporated.com) is a prominent manufacturer of thermal management solutions, renowned for its comprehensive product range that includes electric heaters, sensors, temperature controllers, and power management systems. These products serve critical markets such as semiconductor manufacturing, aerospace & defense, and nuclear research, where precision temperature control is essential. 

Known for its technical expertise and customer-centric approach, TGM is a critical supply chain partner to many of the world’s leading semiconductor fabs and equipment manufacturers.