NIBE Industrier AB (OM: NIBE B), a global provider of heating technology solutions, purchased Heatron, Inc. Based in Leavenworth, Kansas, Heatron produces highly engineered specialty heating elements and components. The Fortune Group effected NIBE’s purchase of Heatron through its wholly-owned subsidiary, FG Capital, LC.
Since 1986, Heatron’s manufacturing facilities in Kansas and Pennsylvania have provided its customers with complete thermal management solutions, from initial concept, design and testing to complex manufacturing, for a wide range of heating applications, including medical and life sciences, aviation and aerospace, industrial equipment, 3D printing, semiconductor and telecommunications. At the time of the acquisition, Heatron’s operations employed 240 associates and generated annual sales of approximately $30 million.
Headquartered in Markaryd, Sweden, NIBE is a publicly-held company operating on a worldwide basis with over 11,000 employees. NIBE consolidated Heatron into its Element division to leverage Heatron’s complementary product lines, heating technologies and end markets in pursuit of its goal to become the leading heating element supplier in North America.
The Fortune Group is a leading provider of merger and acquisition advisory services to middle market companies and their shareholders. The Fortune Group offers securities through FG Capital, LC, a wholly-owned and FINRA registered subsidiary.