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HRS Heat Exchangers acquired by Exchanger Industries Limited

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, has acquired HRS Heat Exchangers Ltd (HRS). Financial terms have not been disclosed.

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.

Additionally, el Baroudi stated that the acquisition of HRS Heat Exchangers provides EIL an extraordinary opportunity to expand their exposure to an impressive international customer base across rapidly growing geographic market positions in the U.S., U.K., Spain, Mexico, India, the Middle East, Malaysia, Australia and New Zealand. As evidence of this opportunity, HRS was ranked number 161 in U.K.’s prestigious Sunday Times HSBC international top league table that tracks the international growth of U.K. based companies.

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.”

“Our combined manufacturing capability and leading-edge product technologies will strengthen our value proposition and increase market penetration internationally,” continued el Baroudi. “In short, this acquisition combines the capabilities of both parties to enhance an already differentiated market position. It creates better outcomes for everyone we serve.”

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