Bradford White Purchases Laars Heating Systems

If it heats water, chances are Bradford White makes it. And the deal to purchase Laars® Heating Systems certainly reinforces our company's motto "Count On Bradford White For Everything Hot Water."

Just this past June, Bradford White moved to widely diversify its product line by acquiring Laars® Heating Systems from Water Pik Technologies Inc. Laars is a manufacturer of residential, commercial and industrial boilers and copper-finned water heaters.

Bradford White is no stranger to growth through acquisition. Just a few years ago we purchased two companies that broadened our own product offerings. First, we moved into the realm of large volume storage vessels with the purchase of Niles Steel Tank™. Then we acquired Aero Environmental, Ltd. (now Bradford White-Canada® Inc.) and gained a larger share of the oil-powered water heating and power burner markets.

BWC and Laars execs discuss future plans for the new partnership.

Now, with the $24.3 million acquisition of Laars® Heating Systems, we open the door to more areas of water heating products, technologies and customers. "This acquisition is one in a series of focused moves we have made in recent years to continue growth and expand our appeal to the plumbing and HVAC industry," said A. Robert Carnevale, President and Chief Executive Officer of Bradford White.

With its sights constantly set on market expansion and new business opportunities, Bradford White, traditionally known for being a leader in the tank-type water heating market, was looking to diversify into the space heating market. Bradford White found just what they were looking for when Water Pik Technologies put Laars® Heating Systems on the market. Shortly thereafter, both parties sat down to negotiations, and six months later a deal was penned.

Bob Carnevale's vision: "To continue growth and expand our appeal to the plumbing and HVAC industry."

Under the agreement, Laars® Heating Systems operates as a wholly owned subsidiary of Bradford White Corp. The acquisition includes a manufacturing facility in Rochester, N.H., and a distribution center in Oakville, Ontario, Canada. Bradford White also opened a new Laars sales office and distribution center in the Simi Valley area of California. Just as important as acquiring a new line of products and the facilities to make and sell them, is the knowledge, expertise and experience of the existing workforce. Bradford White retained all the pre-acquisition personnel at Laars® Heating Systems.

"An extremely important part of making this acquisition a success story is to maintain a business-as-usual transition. Laars was very successful prior to this agreement. It's important that we not only continue to make a high quality product and retain a strong customer base, but also keep the people who've made the company what it is today. The