BDR buys ECR
BDR Thermea will become a top 3 player in the US heating market.
BDR Thermea, a Dutch heating products group with its global headquarters in Apeldoorn, announced the 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 heating 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 acquisition is pending final approval of ECR International’s shareholders.
ECR International is a leading company that provides heating and cooling products in the United States. BDR will acquire 100 per cent 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.
This acquisition constitutes for BDR Thermea another major international expansion in ten years. In 2009, BDR Thermea was formed as the result of a merger of the Dutch Remeha Group (formed in 2004 after the acquisition by the Dutch Remeha of the French De Dietrich Thermique) and the UK market leader Baxi Group. In 2011 BDR Thermea acquired Baymak, Turkey’s third largest heating company. As a result of this international expansion, the company BDR Thermea tripled its revenues within this time frame.
Rob van Banning, Chief Executive Officer of the BDR Thermea Group, 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.”
Ron Passafaro, President and CEO of ECR International added: “Joining the BDR Thermea Group will provide access to cutting edge hydronic heating technology and critical mass that will benefit our current and future customers. Not only does this partnership strengthen our position in the high efficiency condensing boiler market but also gives us the tools to open new market segments and distribution channels. We look forward to our shareholders approval of the transaction and quickly combining the strengths of our two long-time successful organizations.”
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.
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.