HRS Heat Exchangers has been acquired by Exchanger Industries

Arrowpoint Advisory has advised HRS Heat Exchangers (“HRS”) on its sale to Canada-based Exchanger Industries Limited (“EIL”), the Canadian market leader and globally recognised designer and manufacturer of heat transfer products for the energy, petrochemical, industrial and clean power generation sectors.

Founded in 1981, HRS is a specialist global supplier of heat exchangers and custom process systems across the environmental, food, beverage, chemical and pharmaceutical sectors. The acquisition by EIL creates new opportunities by combining HRS’s capabilities and market sectors with EIL’s accelerating expansion into power generation, Liquified Natural Gas (LNG), renewable energy, power storage and biofuels applications. The combined business is positioned to create market growth by providing its customers with environmentally sustainable heat exchange solutions. The seasoned HRS management team will be retained by EIL and will play a critical role in executing plans for robust international expansion afforded by the strategic combination of two distinct, yet complementary industry leaders.

Mark el Baroudi, CEO of EIL, stated: “For decades, we’ve worked hard on behalf of our customers in Canada, the U.S. and 25 countries worldwide, consistently providing them with mission-critical, innovative solutions in some of the most demanding environments. The HRS acquisition will provide numerous benefits to our customers including a broader capability to provide heat transfer solutions to environmentally sustainable projects in the biogas and wastewater treatment sectors, in addition to EIL’s existing projects in clean power generation, Liquified Natural Gas (LNG), emissions-free power storage and biofuels applications.”

To deliver these projects competitively, the acquisition provides EIL immediate access to a cost-effective global footprint with scalable hubs in both India and Spain, and a combined portfolio of anti-fouling technologies that enhances differentiation and acts as a unique platform to create value for customers.

Steven Pither, founder and CEO of HRS, said: “We’re thrilled to join the EIL family and continue our journey to building a highly respected global supplier of heat transfer products. Leveraging EIL’s expertise in designing innovative heat transfer systems, and their established track record in creating streamlined, highly efficient business processes will allow us to enhance our product offering and effectively scale our Spanish and Indian manufacturing operations; delivering timely, cost effective solutions to our customer base around the world. We are confident that this will drive growth to the next level.”

He went on to add: “I would like to thank Arrowpoint Advisory for their support in helping us to find the right partners for the next stage in our journey. They were with us every step of the way and showed unwavering commitment to getting the deal across the line.”

Barry Sheehan, Director at Arrowpoint Advisory, commented: “With customers in over 40 countries, HRS is a truly global business and a highly-respected brand. We are delighted to have helped Steven and the rest of the HRS team on their partnership with Exchanger Industries.”

Graham Carberry, Managing Director at Arrowpoint Advisory, concluded: “Congratulations to HRS on this important milestone. “The combination with Exchanger Industries is exciting and will allow both businesses to continue with their plans for international expansion.”

Contact the deal team