Miura agreed to acquire all shares of Cleaver-Brooks, a US maker of industrial steam and hot-water boilers, through its parent CBE Enterprises, at an enterprise value of $774 million. Including advisory costs, the total came to about $794 million. Miura plans to combine the two companies' sales and service networks in the US. The deal Miura's board approved the deal on March 29, 2024. Its US holding company, Miura International Americas in Rockmart, Georgia, bought CBE Enterprises through a merger. The sellers were mainly two Harbour Group funds of St. Louis, which held about 67%. The $774 million was about ¥116 billion at ¥150 to the dollar, and the final price depended on net debt. About Cleaver-Brooks Cleaver-Brooks, founded in Milwaukee and now based in Thomasville, Georgia, makes, sells and services boilers from small to large. More than 70,000 of its industrial boilers are in use. Its parent expected sales of about $573 million and EBITDA of about $88 million in the year to March 2024. It had a net loss in each of the three years before that, and Miura planned to put in new capital at closing. The fit Miura already sold once-through steam boilers, maintenance and water treatment in the US through Miura America. Cleaver-Brooks adds a wide range of steam and hot-water equipment and engineering. It is large next to Miura, whose own sales were forecast at ¥151.5 billion for the same year. Miura pointed to factories moving back to the US and federal infrastructure subsidies as reasons the US boiler market is growing.
