Sources from Rheem reported today that it had acquired acquired Eemax Inc., of Waterbury, Connecticut, from The Riverside Company, a private equity firm.
Eemax is recognized as the leading manufacturer of electric tankless water heating solutions for residential, commercial and industrial applications in the U.S. In addition to its Eemax-branded water heaters, the company produces the EcoSmart line of tankless water heaters.
Rheem has long been a leading manufacturer of gas-fired tankless water heaters, as well as energy efficient tank, solar and hybrid water heating systems. Eemax, on the other hand, is the industry leader in producing efficient electric tankless water heaters. The integration of Eemax into the Rheem family not only increases the breadth of the Rheem water heating portfolio, but it also gives Rheem customers access to best-in-class electric tankless water heaters.
“Eemax’s offerings perfectly complement Rheem’s line of efficient and advanced tank and tankless water heaters, and that is why we are confident that this acquisition is the right opportunity at the right time,” said Chris Peel, president and COO, Rheem. “Combined, we have the widest selection of water heaters available from any one company in the Americas, which means we can better serve our current customers, and it gives prospective customers an even more compelling reason to do business with us.
Kevin Ruppelt, president and CEO, Eemax, added: “We are very excited about the integration of Eemax into Rheem. Rheem understands our core business and its leadership is committed to long-term growth plans for the electric tankless category. We look forward to collaboratively developing new products, and expanding into new markets and regions with Rheem in the future.”
Eemax will join Rheem’s Water Heating Division, which is based in Montgomery, Alabama, and Eemax will operate as a wholly owned subsidiary of Rheem. Eemax’s headquarters and manufacturing site will remain in Connecticut.
“Our Water Heating Division has had a momentous year—starting with the successful redesign and re-launch of our product portfolio for the 2015 NAECA regulation and continuing now with the acquisition of Eemax,” said Rich Bendure, vice president and general manager, Rheem Water Heating Division. “We are thrilled that such a stellar business will now be part of our Rheem family.”