BDR Thermea, a Dutch heating products group with its global headquarters in Apeldoorn, has announced the acquisition of US-based ECR International.
By including ECR International with its family of brands, BDR Thermea will become a top three 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 provides heating and cooling products in the US. BDR will acquire 100% 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 10 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 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.”
