Stout announced today that its client, PB Heat, LLC, has been acquired by Noritz Corporation (TSE:5943). Stout served as exclusive financial advisor to PB Heat in connection with this transaction.
PB Heat, founded in 2003 and headquartered in Bally, PA, is a leading manufacturer that specializes in the design, engineering, and assembly of gas- and oil-fired boilers for residential and commercial uses. The company also produces several other hydronic products.
Doug Shuff, President & CEO of PB Heat, said, “We are excited to find a partner in Noritz that wouldn’t have otherwise been on our radar if Stout hadn’t facilitated the introduction. We look forward to uniting each company’s strengths and industry expertise to realize significant growth and synergies going forward.”
“PB Heat has established strong brand recognition and brings trustworthy and reliable products to market with access to a loyal customer base,” said Mike Benson, Managing Director at Stout. “The combined organization of PB Heat and Noritz will complement each business’ product offerings and geographies to help them prosper together. It was a pleasure to work with the PB Heat team on this transaction and bring about an exceptional result.”
“The completion of the PB Heat transaction is a great example of Stout’s experience advising consumer durables companies and our firm’s ability to execute global transactions,” added Stout Head of Material Handling John Lahti, who co-led the sale process.
Stout’s Tyler Howard and Davis DeKorte assisted in executing the deal.
Barley Snyder LLC served as the legal advisor and deal counsel to PB Heat.
Stout’s Investment Banking Group provides mergers and acquisitions (M&A) advice, private capital raising, and other financial advisory services for private equity portfolio companies, closely held or family-owned businesses, and divisions of large corporate parents.
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