Thermon Group acquires Fabbrica Apparecchiature Termoelettriche for EUR 12.5M

Thermon Group announced the acquisition of Fabbrica Apparecchiature Termoelettriche Industriali, a manufacturer of electric heaters for industrial applications, based in Milan, Italy. F.A.T.I. is a leading designer and manufacturer of electrical heaters and heating systems for a broad range of industrial end markets, including oil & gas, pharmaceutical, renewables, nuclear and HVAC. Since its founding nearly 80 years ago, F.A.T.I. has built a high-quality portfolio of technologically advanced and reliable solutions for the industrial electric heating market that are available in over 30 countries around the globe. F.A.T.I. realized revenue of over 12 million euro in the calendar year ended December 31, 2023. The purchase price of 12.5 million euro, subject to customary adjustments, was funded with cash on hand.