29 Jun Takenaka Partners Advises Noritz on its Acquisition of PB Heat
Takenaka Partners is pleased to announce that on January 7, 2019, Noritz Corporation (TSE:5943) (“Noritz”) acquired PB Heat, LLC (“PB Heat”). Takenaka Partners served as the exclusive financial advisor to Noritz on this transaction.
Noritz, a global leader in HVAC, water heating, kitchen, bath and renewables, has joined forces with PB Heat, a leading provider of high-efficiency, cast iron and stainless steel boilers and indirect-fired water heaters, sold under the Peerless brand.
The Peerless brand will continue to be marketed and sold independently of Noritz’s branded products and PB Heat’s management team will remain unchanged. Customers of PB Heat will continue to be served by the same local sales representatives. In a letter announcing the acquisition, Jay Hassel, President and COO of Noritz America, and Doug Shuff, President & CEO of PB Heat, thanked their customers for their support, saying they, “look forward to a bright future as we continue to grow together”.
The closing of Noritz’s acquisition of PB Heat exemplifies Takenaka Partner’s ability to bring together companies from across the globe.
The Takenaka Partners professionals working on this deal included Mr. Yukuo Takenaka, President & CEO; Mr. Toshiaki Amimoto, Senior Vice President; Ms. Kris Fujita, Senior Vice President; Mr. Justin Fleming, Associate; and Mr. Daniel Kim, Analyst.
Perkins Coie LLP served as the legal advisor and deal counsel to Noritz.
KPMG US LLP served as the tax advisor to Noritz
About Nortiz Corporation (TSE:5943)
Noritz Corporation, established in 1951, is a leading manufacturer of water heaters worldwide. The company offers water heaters, hydronic heating systems, gas fan heaters, built-in bath and kitchen systems, built-in gas cookers and gas table cookers, as well as a variety of other related products. Headquartered in Kobe, Japan, Noritz has expanded its geographic scope of business to all over the world and currently operates in 14 other countries globally.
About PB Heat, LLC
Founded in 2003 and based in Bally, Pennsylvania, PB Heat, LLC manufactures a full-line of hydronic products, including the Peerless® brand of residential and commercial, cast iron and stainless steel boilers for both oil and gas-fired applications. Peerless® products are sold via an extensive network of wholesale distributors throughout the United States and Canada.