Thermon acquires Italian electric heater maker F.A.T.I. for €12.5M

Thermon Group Holdings, Inc.

Purchase price of €12.5 million, funded with cash on hand; F.A.T.I. had over €12M revenue in 2023.
Target is a Milan-based manufacturer of electric heaters for oil & gas, pharma, renewables, nuclear, and HVAC.
Acquisition broadens Thermon's product portfolio and adds a manufacturing facility in Italy.
Thermon expects to leverage F.A.T.I.'s European certifications to grow in Europe and Asia.
Deal announced October 3, 2024; no material regulatory conditions disclosed.

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