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“I have the deepest appreciation for the exceptional work CMG provided during the Warren acquisition and associated financing. Although there were many challenges, CMG approached each one with a level of expertise and professionalism that was truly remarkable.” Bill Newbauer, CEO Nudyne
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The Nudyne Group 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, Ace Heaters, and RECO Commercial Systems and has manufacturing operations in Connecticut, Massachusetts, California, and South Carolina.
Warren Electric Corporation is a second generation family business that is a leading manufacturer of industrial immersion electric resistance heaters for water, oil, chemicals, and fluid applications. Holding ASME, UL, and ISO certifications, Warren designs and manufactures electric immersion heaters to meet customer’s requirements and specifications. Nudyne enjoyed a strong relationship with Warren for many years and had become one of Warren’s largest customers.
Carter Morse & Goodrich was engaged to assist The Nudyne Group in its strategic acquisition of Warren Electric and a new financing package for Nudyne. There was a mutual respect that has stemmed from years of doing business together and the partnership is highly complementary for both sides. All of the employees will be retained, including making promotions for certain members of management at Warren.
Robbie Benjamin, owner of Warren Electric Corporation, said: "I believe that Warren has found a great partner in The Nudyne Group, and I am confident the business will have continued success under new ownership. I have no doubt that Bill Newbauer and his team at Nudyne will remain committed to providing the highest quality products and service to Warren's customers, a commitment that began over 60 years ago."
Bill Newbauer, CEO of The Nudyne Group LLC, added “I have the deepest appreciation for the exceptional work CMG provided during the Warren acquisition and associated financing. Although there were many challenges, CMG approached each one with a level of expertise and professionalism that was truly remarkable.”
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