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HEH Holdings LLC has announced that it has acquired RECO USA located in Cayce, South Carolina.
HEH Holdings LLC, headquartered in Stratford, Connecticut, is a third generation privately held company focused solely on water heating and hot water storage systems for the Plumbing industry. The company owns several water heater brands including Hubbell, Vaughn Thermal, and Ace Heaters with manufacturing operations in Connecticut, Massachusetts, California and now South Carolina. The addition of RECO strengthens the companies’ ability to provide larger capacity water heating and storage solutions to better meet the needs of the marketplace.
RECO’s roots date to 1917 when it was known as the Richmond Engineering Company and manufactured residential fuel tanks. In the 1950’s the company pivoted to produce storage tanks and water heating equipment as market demand increased. Since then, RECO has become known throughout the industry as a leading manufacturer of hot and cold water ASME pressure vessels and water heaters, capable of designing and building storage tanks up to 15,000-gallon capacity. The purchase includes all the assets of RECO USA including the 15-acre, 125,000-square-foot manufacturing facility. RECO’s production will remain in South Carolina and the business will operate as RECO Commercial Systems LLC. For additional information, please visit www.reco-usa.com.
Bill Newbauer III, CEO and president of HEH Holdings LLC and Hubbell Heaters said, “RECO is the perfect addition to our family of companies as we look to expand strategically across North America. The RECO acquisition will increase production capabilities, including large capacity hot water storage tanks. We are excited to welcome RECO employees and customers to our family of companies.”
Carter Morse & Goodrich was the financial advisor to HEH Holdings. Newbauer added, “Our advisors at CMG provided invaluable advice and assistance in this transaction. I look forward to working with this talented team as we continue exploring new strategic acquisitions.” Other transaction advisors included the Buckman Group (Corporate Counsel) and Finkel Law Group (Real Estate Transaction Counsel).