May 24, 2023
Carter Morse & Goodrich ("CMG") is pleased to announce that it served as the exclusive financial advisor to The Nudyne Group LLC (“Nudyne”) on its acquisition of Warren Electric Corporation (“Warren”), a manufacturer of industrial electric immersion heaters in Warren, Rhode Island. The acquisition was partially financed by Nudyne’s existing lender, KeyBank. The terms of the deal which closed on May 11, 2023, were not disclosed.
The Nudyne Group, headquartered in Stratford, Connecticut, is a third generation privately held company focused solely on water heating and storage systems for industrial and residential applications. The company owns several water heater brands including Hubbell, Vaughn Thermal, Ace Heaters, and RECO Commercial Systems and has manufacturing operations in Connecticut, Massachusetts, California, South Carolina and now Rhode Island. The addition of Warren Electric enhances the group's extensive range of heating products, expanding its capabilities in heating water, oil, and process fluids with immersion electric heating technologies, especially in commercial and industrial applications.
Warren Electric Corporation, founded in 1962 by Gordon L. Benjamin Jr., a dedicated engineer passionate about providing reliable products, is a multi-generation family held manufacturer of industrial immersion electric resistance heaters for water, oil, chemicals, and fluid applications. Holding ASME, UL, and ISO certifications, Warren designs and manufactures electric immersion heaters to meet customer’s requirements and specifications. The acquisition includes all assets of Warren Electric Corporation, including its 36,000 sq. ft. manufacturing facility. The business will continue operating in Rhode Island as Warren Electric Heating Technologies LLC.
Bill Newbauer III, the CEO of The Nudyne Group LLC said, “Warren is the perfect addition to our family of companies as we strategically expand across North America. The Warren acquisition will strengthen our ability to meet the changing needs of the commercial and industrial markets as electrification expands. We are excited to welcome Warren employees and customers to our family of companies.”
Robbie Benjamin, former owner of Warren Electric Corporation, said: "I believe that Warren has found a great partner in The Nudyne Group, and I am confident the business will have continued success under new ownership. I have no doubt that Bill Newbauer and his team at Nudyne will remain committed to providing the highest quality products and service to Warren's customers, a commitment that began over 60 years ago."
Ramsey Goodrich, Managing Partner of CMG, explained “We are thrilled to have advised The Nudyne Group’s team on this exciting transaction. It is rewarding for us to help bring two multi-generational family businesses together and we are honored to play a small roll in this terrific combination!” Newbauer added “I have the deepest appreciation for the exceptional work CMG provided during the Warren acquisition and associated financing. Although there were many challenges, CMG approached each one with a level of expertise and professionalism that was truly remarkable.”
Other transaction advisors included the Buckman Group (Corporate Counsel) and Duffy & Sweeney, LTD (Real Estate Transaction Counsel).