Aerial view of ParFab's fabrication facility in Inola, Oklahoma.
Aerial view of ParFab's fabrication facility in Inola, Oklahoma.
A fully integrated single-source manufacturer of refinery and petrochemical equipment has acquired the assets comprising the fabrication business of ParFab Industries in Inola, Oklahoma.
Privately-owned, Tulsa, Oklahoma-based Heater Specialists (HSI) has added ParFab Industries' assets to its own, now boasting fabrication facilities spanning over 200 acres and approximately 500,000-square-feet of indoor fabrication space. HSI has become one of the largest and highest capacity fabricators in the industry, serving customers in the refining, petrochemical, power generation, renewable, syngas and energy industries around the world.
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 Oklahoma site. The state-of-the-art facility includes approximately 170,000 square feet. 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 and skid packages. It also performs blast and paint services.
"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," said Stephen Mellott, president of HSI and CEO of EPTI. "With the acquisition of the business currently conducted by ParFab Industries, we have significantly increased our capacity."
HSI has offered continued employment to all ParFab Industries' production employees in Inola, many of whom have been with the company for decades — welcoming them to the HSI family with over 250 employees. In addition, HSI will take over and complete all ParFab projects in the works and fulfill outstanding purchase orders.
"To both HSI 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," Mellott said.
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 HSI in connection with this transaction, which was advised by investment banking firm ClearRidge.
ParFab Field Services will continue operating as a standalone and separate company under its existing ownership. "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," Chris Swinbank, CEO of ParFab Field Services said.
"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 toward 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," Swinbank added.
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