14 Jan Nordian Capital announced the sale of DEJONG to Rheem Manufacturing
US-based Rheem Manufacturing has acquired De Jong from Nordian Capital. DEJONG joins the family of brands under JP-based Paloma Co., offering a long-term perspective and support for its next growth phase.
Axeco Corporate Finance is pleased to have advised Nordian Capital and DEJONG in this transaction
Rheem Manufacturing Company has acquired De Jong from Nordian Capital. Headquartered in Atlanta, Georgia, Rheem is America’s #1 water-heating brand with products available in more than 80 countries.
“Rheem and De Jong are aligned on many fronts, including our commitment to sustainability,” said Chris Peel, President and CEO at Rheem. “Together, we will continue to lead through innovation and develop products that reduce dependance on carbon fuel sources while expanding De Jong’s presence beyond Europe and North America.”
“In the past few years De Jong has seen tremendous growth fueled by market expansion and a higher demand for renewable systems requiring hot water tanks,” said Nordian Capital’s Perry Bos and Tijs Akkerman in a joint statement. “After Nordian invested in the organization, extended product development and increased production capacity, De Jong is now ready for the next step.”
“Several buyers expressed an interest,” the statement continued. “But it was clear from the very start that De Jong’s management felt Rheem offered the best opportunities for expanding offerings to customers. Nordian is proud of what we have achieved together with De Jong and we believe De Jong and Rheem have a bright future ahead.”
De Jong will operate as a stand-alone business unit within Rheem’s Global Water Division. Arno La Haye, Managing Director of De Jong, will continue in his leadership position.
“Our growth potential requires substantial investments that only a company like Rheem can make,” said La Haye. “Rheem brings us a true industrial partner who knows our business, has a strong market presence and makes strategic decisions based on long-term goals.”
“This partnership provides significant opportunity to support market expansion by pairing hot water storage tanks with sustainable energy sources, creating an integrated system that will appeal to our customers,” said Rich Bendure, President Rheem Global Water. “Together we will develop a category of products that provide value and meet the needs of our end users.”
DEJONG is a leading, independent manufacturer and supplier of stainless-steel hot water tanks founded in 1859 and based in Gorredijk, the Netherlands. DEJONG produces hot water tanks for multiple applications including solar, heat pump and boiler configurations and is a key player in the global energy transition.
About Nordian Capital
Nordian Capital is an independent Dutch private equity investor focused on increasing and accelerating the growth of companies. Since its founding in 2014, Nordian has contributed to more than 35 companies as a critical and committed investment partner. Nordian Capital offers proactive support in the areas of strategy, financing and mergers & acquisitions. Nordian does not take the management’s seat but allows entrepreneurs to do what they do best: running their business.
Founded in 1925, Rheem is America’s #1 water-heating brand. Paloma Co., Ltd.® of Nagoya, Japan, acquired the iconic Rheem brand in 1988. Today the company’s portfolio of premium brands include Rheem®, Intergas, Friedrich, Raypak®, Ruud®, Eemax®, Richmond®, Splendid®, Solahart® and EverHot™ as well as commercial refrigeration brands Russell®, Witt®, ColdZone® and Kramer®, which are part of the Heat Transfer Products Group (HTPG®) division.