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Heater Specialists Acquires ParFab Industries

Wednesday, 26 June 2024 02:30 PM

Heater Specialists

Heater Specialists, a fully integrated single-source manufacturer of refinery and petrochemical equipment, announces its acquisition of ParFab Industries in Inola, Oklahoma. ParFab Industries is a wholly owned subsidiary of the ParFab group of companies. Heater Specialists is a wholly owned subsidiary of Energy Process Technologies, Inc. ("EPTI"). When combined with Heater Specialists' facility in Tulsa, OK, the company will own fabrication facilities spanning over 200 acres and approximately 500,000 sq. ft. of indoor fabrication space.

TULSA, OK / ACCESSWIRE / June 26, 2024 / Heater Specialists LLC ("HSI"), a fully integrated single-source manufacturer of refinery and petrochemical equipment, announces its acquisition of the assets comprising the fabrication business of ParFab Industries in Inola, Oklahoma. ParFab Industries is a wholly owned subsidiary of the ParFab group of companies. HSI is a wholly owned subsidiary of Energy Process Technologies, Inc. ("EPTI").

Heater Specialists Acquires ParFab Industries
Heater Specialists Acquires ParFab Industries
Heater Specialists Acquires ParFab Industries



ParFab Industries' fabrication business is conducted on its 100-acre site in Inola, Oklahoma. The state-of-the-art facility includes approximately 170,000 sq. ft. under roof. At this location, ParFab Industries fabricates convection modules, direct-fired heaters, furnaces, heat recovery steam generator units, economizers, package boilers, reformers, structural steel, refractory lined components, coils, piping, insulation, transfer lines, industrial coatings, piping spools, hydrotesting, skid packages, and blast and paint services.

When combined with HSI's facility in Tulsa, the company will own fabrication facilities spanning over 200 acres and approximately 500,000 sq. ft. of indoor fabrication space, becoming one of the largest and highest capacity fabricators in their industry, serving customers in the power generation, petrochemical, refining, renewable, syngas, and energy industries all across the world.

According to Stephen Mellott, President of HSI and CEO of EPTI: "Over the past 35 years, Heater Specialists has grown in both capabilities and capacity, serving more customers across more industries in the United States and internationally, but this marks a significant stage in our company's growth. With the acquisition of the business currently conducted by ParFab Industries, we have significantly increased our capacity. We are excited to announce that we have offered continued employment to all ParFab Industries' production employees in Inola, many of whom have been with the company for decades, and we welcome them to the HSI family with over 250 employees. In addition, HSI will take over and complete all work in process and fulfill all outstanding purchase orders. To HSI's customers and ParFab Industries' customers, we look forward to sharing more about this acquisition in the coming months and finding ways to expand our fabrication services to meet your needs." Upon completion of the acquisition, the company will operate its business under the HSI name. Tulsa law firm, Jones, Gotcher & Bogan, P.C., provided legal advice to Heater Specialists in connection with this transaction. ClearRidge (www.clearridgecapital.com) advised Heater Specialists on this transaction.

ParFab Field Services will continue operating as a standalone and separate company under its existing ownership. According to Chris Swinbank, CEO of ParFab Field Services, "ParFab Industries has long been recognized for its excellence in heater fabrication. By transitioning this division to Heater Specialists, a company with a dedicated focus on heater manufacturing, we are confident that they will take our legacy of quality and innovation to new heights. HSI's expertise and commitment to advancing heater technologies make them the ideal custodian of ParFab Industries' operations. ParFab's decision to divest from heater fabrication is driven by our strategic goal to reallocate resources and capital towards our Field Services division. Over the years, ParFab has established itself as a leader in providing top-notch Field Services supporting a wide array of industries with precision, reliability, and excellence."

About Energy Process Technologies, Inc. and Heater Specialists, LLC

www.hsi-llc.com

Energy Process Technologies, Inc. is the corporate parent of HSI (www.hsi-llc.com). HSI is privately-owned and was founded by Don R. Mellott in Tulsa in 1988. HSI and Mohawk Field Services are two operating divisions under EPTI and will now be joined by ParFab Industries (www.parfabcompanies.com), operating under HSI. In addition to the fabrication facilities in Tulsa and Inola, Oklahoma, HSI operates a staging and assembly facility at the inland Port of Catoosa. Within their facilities, the Company has adjacent rail spur, barge and highway access with lifting capacity up to 450 metric tons. The size and scope of fabricated vessels and heaters are over 100 ft long, 40 ft in diameter, weighing over 1 million pounds.

About Parfab Field Services

ParFab Companies has been a leading provider of field services and shop-based fabrication to the downstream energy market since 2001. In June 2024, Parfab exited its shop-based fabrication activities with the divestiture of its Parfab Industries division. The Company's Parfab Field Services (PFS) division services a wide array of industries from the refining, petrochemical, syngas and manufacturing segments with offerings including general mechanical and specialty welding, as well as alky unit, refractory, and heat exchanger services. PFS also serves the semiconductor industry with the construction of U.S.-based manufacturing facilities. Known for its commitment to quality, safety, and innovation, PFS will continue to serve these end markets with its deep roster of seasoned professionals by providing turnkey turnaround services, management and construction of new build capital projects, and field fabrication.

Terms of the transaction are not disclosed.

Contact Information

Stephen Mellott
President, Heater Specialists
(918) 835-3126

Matthew Bristow
Managing Director, ClearRidge (Investment Bankers and Business Advisors)
[email protected]
(918) 392-2900

SOURCE: Heater Specialists, LLC

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View the original press release on newswire.com.

Topic:
Mergers and Acquisitions
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