Watts enters boiler and water heater market
November 13, 2014
AERCO International, Inc., a portfolio entity of The Riverside Company since 2007, is being acquired by Watts Water Technologies, Inc. The acquisition is expected to close before the end of 2014. AERCO is a manufacturer of high-efficiency commercial boilers and water heaters based in Blauvelt, NY. Its products are distributed primarily in North America. In the last seven years AERCO has undergone significant changes. It opened a state-of-the-art manufacturing facility and research and development lab, launched an innovative line of tankless water heaters, broadened its boiler product line and revamped its sales and marketing approach and go-to-market strategy.
“Acquiring AERCO will allow us to expand our product breadth to the strategically important adjacency of heat and hot water offerings. AERCO is a recognized leader in the fast growing market for high efficiency boilers and hot water heaters, with solid operating margins and attractive opportunities to continue its strong growth. AERCO’s products complement our existing portfolio, strengthening our ability to provide a total solution for our customers. With our existing international footprint, we also anticipate expanding AERCO’s worldwide presence,” said Robert Pagano Jr., CEO of Watts Water Technologies, Inc.
Watts Water Technologies, Inc. has indicated that AERCO is a platform acquisition and will continue its current operation out of Blauvelt, NY. Utilizing AERCO’s manufacturing facility with substantial capacity for growth, Watts sees expansion opportunities that will strengthen AERCO’s solutions and system offerings.