Closed transaction

Hubbell Electric Heater Holdings LLC Acquires RECO USA

Advised by
Client
Counterparty
Deal stage: Closed transaction
Service: Buy
Sector: Industrials and Manufacturing
Sub-sector: Other Industials
Market: Americas
Contact: rgoodrich@cartermorse.com

Deal details

CMG served as the exclusive financial advisor to Hubbell Electric Heater Holdings LLC (“HEH Holdings”) on its acquisition of RECO USA(“RECO”), a manufacturer of high-volume pressure vessels and commercial water heaters located in Cayce, South Carolina.

Carter Morse & Goodrich

Deal team

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Ramsey Goodrich RoleManaging Partner FirmCarter Morse & Goodrich Ramsey Goodrich is a Managing Partner at Carter Morse & Mathias and the head of the firm's Consumer Industries group. View profile

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Buy-side advisory

Hubbel Electric Heating Co. acquires Reco USA.

Adviser: Carter Morse & Goodrich
Where: United States of America
Year: 2026

Business Description: HEH Holdings LLC, headquartered in Stratford, Connecticut, is a third generation privately held company focused on water heating and storage systems for industrial and residential applications. The company owns several water heater brands including Hubbell, Vaughn Thermal, and Ace Heaters and has manufacturing operations in Connecticut, Massachusetts, and California. Background: Pursuant to HEH’s strategic plan to expand geographically across North America, RECO USA became an ideal candidate for a potential acquisition. The addition of RECO strengthens the companies’ ability to provide larger capacity water heating and storage solutions to a new set of commercial and industrial customers. RECO’s roots date to 1917 when it was known as the Richmond Engineering Company has become known throughout the industry as a leading manufacturer of ASME pressure vessels and water heaters, capable of designing and building storage tanks up to 15,000-gallon capacity. RECO was a spin out of Virginia American Industries, which sold the majority of its operations to Shamrock Environmental in December of 2020. The company produces both standard and engineered products for various customers across a variety of industries, including process industries, pulp and papermills, electric utilities, and municipal and governmental operations. Solution: Carter Morse & Goodrich was engaged to assist HEH Holdings LLC in its strategic acquisition of RECO USA. The purchase includes all the assets of RECO USA including the 125,000 sq. ft. manufacturing facility on a 15-acre parcel in Cayce, South Carolina. “We believe that RECO has found a great partner in HEH Holdings and are looking forward to its continued success under its new owner,” said former co-owner, Mike Schleinkofer. “We have no doubt that Bill Newbauer and his team at HEH Holdings LLC will remain committed to providing the highest quality products and service to the company’s customers, a commitment that began over a 100 years ago.” Ramsey Goodrich, Managing Partner of CMG, explained “We are thrilled to have advised the HEH Holdings team on this exciting transaction. This is another example of how CMG advises family-held and founder-led businesses on value-added transactions. We look forward to the continued success of RECO USA under the ownership of HEH Holdings.” Bill Newbauer, Chairman and CEO of HEH added “Our advisors at CMG provided invaluable advice and assistance in this transaction. I look forward to working with this talented team as we continue exploring new strategic acquisitions.”

Sell-side advisory

Arista Air Conditioning Corp. has been acquired by Daikin Comfort North America (a Global HVAC Corporation).

Adviser: Carter Morse & Goodrich
Where: United States of America
Year: 2026

Arista Air Conditioning, a multi-generation family-owned business with over 70 years of experience, has grown into one of the largest independent contractors for HVAC service, repair, maintenance, and retrofit installation in the New York metropolitan area. The Buyer, Daikin Comfort North America, is subsidiary of Daikin Industries, Ltd., a Fortune 1,000 company with more than 100,000 employees worldwide and a leading indoor comfort solutions provider. This acquisition aligns with Daikin’s strategic initiative to enhance its service capabilities and expand its reach in the Northeast. The integration has enhanced Arista’s ability to deliver energy-efficient, customizable VRV systems that meet the evolving needs of commercial buildings, healthcare facilities, educational institutions, and luxury residential clients.

Sell-side advisory

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Adviser: Carter Morse & Goodrich
Where: United States of America
Year: 2026

Business Description: Founded in 1993 and headquartered in Dallas, TX, Culinaire International (“Culinaire”) is a premier foodservice management company renowned for providing first-class guest experiences to attendees of fundraisers, galas, weddings and other on-site dining facilities at prestigious cultural venues throughout the country. Culinaire operates out of 30 distinct museums, performing arts centers, cultural landmarks and hotels across 13 states and employs more than 1,200 team members. Background: Richard Gussoni started Culinaire within the Crow family portfolio of businesses and eventually purchased the Company from the Crow family in 1993. Having transitioned day-to-day operating responsibilities over to a professional management team, Richard felt that both he and the Company were at an inflection point and decided to explore options for the Company. He was seeking an arrangement that would maximize value, provide meaningful liquidity and, most importantly, find the right next owner that would act as a steward for the Company’s brand and reputation across the industry. While COVID-19 delayed his planned exit from the Company, Richard resumed his search for the ideal partner in 2024 after the business rebounded to its prior heights. Solution: In late 2023, CMG conducted a thorough strategic options analysis including valuation guidance, potential buyer / investor candidates, and timing considerations to assist Mr. Gussoni in exploring near-term and long-term ownership options for the Company. In early 2024, CMG was engaged to conduct a targeted sale process which resulted in numerous strategic and financial offers. Richard ultimately selected the buyer he believed was the best fit to ensure the Company’s long-term success.

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Hubbell Electric Heater Holdings LLC Acquires RECO USA

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