Denver, CO (December 23, 2015) - Headwaters MB advised BDR Thermea, a Dutch heating products group with its global headquarters in Apeldoorn, on its acquisition of US based ECR International. By including ECR International with its family of brands, BDR Thermea will become a top 3 player in the US boiler market. The acquisition of ECR is part of the BDR Thermea’s strategy to expand its operations outside Europe and to drive global expansion. The transaction was completed on December 23, 2015.
ECR International is a leading company that provides heating and cooling products in the United States. BDR has acquired 100 percent of the company, including its local US manufacturing facilities, leading brands and distribution channels. This enables BDR Thermea to enter the US market as a domestic player. In turn, ECR International will have access to BDR Thermea’s hydronic heating technology and will be able to benefit from its scale. The acquisition will bring together two privately owned companies that have been in business for almost 90 years in the US and for more than 300 years in Europe.
Rob van Banning, Chief Executive Officer of BDR Thermea, said: “I'm excited to announce that we’re acquiring ECR International, and welcome ECR International to our family of leading, international brands. BDR Thermea is on its way to become a leading heating manufacturer and distributor in the US. For us this acquisition represents a further step of our strategy to increase market share and presence worldwide.”
Len LaPorta, Managing Director at Headwaters MB commented, “It was a pleasure working with our European partners on behalf of BDR Thermea and introducing them to ECR International. Consolidation in North America will continue to impact independent HVAC firms operating in the Middle Market."
About Headwaters MB
Headwaters MB is an independent, middle market investment banking firm providing strategic merger and acquisition advice, capital raising and special situations advisory. Named "Investment Bank of the Year" by major organizations for its third consecutive year, Headwaters MB is headquartered in Denver, CO with seven regional offices across the United States and partnerships with 18 firms covering 30 countries. For more information, visit www.headwatersmb.com.
About BDR Thermea
BDR Thermea is a leading manufacturer and distributor of innovative heating and hot water systems and services for domestic as well as commercial use. The company employs more than 6,300 people and has a turnover of €1.7 billion. The group operates in more than 70 markets worldwide and has a top market position in numerous key markets, including the UK, France, Germany, Spain, the Netherlands and Italy. Also, it has strong positions in the rapidly growing markets of Eastern Europe, Turkey, Russia, North America and China. BDR Thermea is the parent company of renowned international heating brands, including De Dietrich, Baxi, Remeha, Brötje, Chappée and Baymak. BDR Thermea is headquartered in Apeldoorn, The Netherlands. For more information, visit www.bdrthermea.com.
About ECR International
ECR International is a manufacturing company that provides heating and cooling products under a family of brand names, including Dunkirk, Utica Boilers, Olsen, Airco, Pennco, Retroaire, Argo and EMI. The company, headquartered in Utica, New York, markets its products in the US, Canada and China. The company has a rich history, going back nearly ninety years. In 1928, Earle C. Reed, founded two companies: Dunkirk Radiator and Utica Radiator. The companies merged in 1999 as ECR International, taking the founder’s initials as its company name. For more information, visit www.ecrinternational.com.
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