Heater Specialists LLC (HSI), a fully integrated single-source manufacturer of refinery and petrochemical equipment, announced its acquisition of the assets comprising the fabrication business of ParFab Industries in Inola, Oklahoma.
ParFab Industries is a wholly owned subsidiary of the ParFab group of companies. HSI is a wholly owned subsidiary of Energy Process Technologies, Inc. (EPTI).
ParFab Industries’ fabrication business is conducted on its 100-acre site in Inola, Oklahoma. The state-of-the-art facility includes approximately 170,000 sq. ft. under roof. At this location, ParFab Industries fabricates convection modules, direct-fired heaters, furnaces, heat recovery steam generator units, economizers, package boilers, reformers, structural steel, refractory lined components, coils, piping, insulation, transfer lines, industrial coatings, piping spools, hydrotesting, skid packages, and blast and paint services.
When combined with HSI’s facility in Tulsa, the company will own fabrication facilities spanning over 200 acres and approximately 500,000 sq. ft. of indoor fabrication space, becoming one of the largest and highest capacity fabricators in their industry, serving customers in the power generation, petrochemical, refining, renewable, syngas, and energy industries all across the world.
According to Stephen Mellott, President of HSI and CEO of EPTI: “Over the past 35 years, Heater Specialists has grown in both capabilities and capacity, serving more customers across more industries in the United States and internationally, but this marks a significant stage in our company’s growth. With the acquisition of the business currently conducted by ParFab Industries, we have significantly increased our capacity. We are excited to announce that we have offered continued employment to all ParFab Industries’ production employees in Inola, many of whom have been with the company for decades, and we welcome them to the HSI family with over 250 employees. In addition, HSI will take over and complete all work in process and fulfill all outstanding purchase orders. To HSI’s customers and ParFab Industries’ customers, we look forward to sharing more about this acquisition in the coming months and finding ways to expand our fabrication services to meet your needs.” Upon completion of the acquisition, the company will operate its business under the HSI name. Tulsa law firm, Jones, Gotcher & Bogan, P.C., provided legal advice to Heater Specialists in connection with this transaction. ClearRidge advised Heater Specialists on this transaction.
ParFab Field Services will continue operating as a standalone and separate company under its existing ownership. According to Chris Swinbank, CEO of ParFab Field Services, “ParFab Industries has long been recognized for its excellence in heater fabrication. By transitioning this division to Heater Specialists, a company with a dedicated focus on heater manufacturing, we are confident that they will take our legacy of quality and innovation to new heights. HSI’s expertise and commitment to advancing heater technologies make them the ideal custodian of ParFab Industries’ operations. ParFab’s decision to divest from heater fabrication is driven by our strategic goal to reallocate resources and capital towards our Field Services division. Over the years, ParFab has established itself as a leader in providing top-notch Field Services supporting a wide array of industries with precision, reliability, and excellence.”
