Rheem expands product offering with recent acquisition
February 11, 2016
Rheem has acquired Eemax Inc., of Waterbury, CT, from The Riverside Company, a private equity firm. Eemax is a 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. The integration of Eemax increases the breadth of the Rheem water heating portfolio and gives Rheem customers access to 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.”
“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,” said Kevin Ruppelt, president and CEO, Eemax.
Eemax will join Rheem’s water heating division, which is based in Montgomery, AL, and Eemax will operate as a wholly-owned subsidiary of Rheem. Eemax’s headquarters and manufacturing site will remain in Connecticut.