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Acquisition Positions MARS for Future Growth, Stability
Two established HVAC suppliers have merged. Motors & Armatures Inc. (MARS), a c ommercial and residential HVACR motors and components supplier established in 1946, recently acquired Heat Controller Inc., a commercial and residential HVAC equipment supplier with a history spanning more than 75 years.
Merging Manufacturers
Last fall, MARS hired an investment banker and began discussing potential growth options. The company started communicating with potential targets and shortly thereafter had r eached an agreement with Heat Controller. The companies announced in May that they'd be joining forces.
"We began talking with Heat Controller, which, at the time, had expressed some interest in divesting. It seemed like a good match as the timing was perfect," said Frank Mehler, vice president of marketing and sales, MARS. "This merger will create a 1 arger presence and provide greater value to o ur customers through a larger parts and equipment offering."
The acquisition represents MARS's commitment to a nticipate the needs of the marketplace and proactively invest in creating additional value for the customer, said Edward Chernoff, president and CEO, MARS. "This acquisition is a merger of equals. Two reputable companies are...