(Sept. 10, 2001) – Little known New York-based Rockwood Equity Partners LLC recently closed its first add-on acquisition of the Canada-based publicly traded Heater Division of Global Thermoelectric Inc. for its niche defense platform Hunter Manufacturing Co. Terms of the transaction were undisclosed. Huntington National Bank committed an undisclosed sum of senior debt financing for the deal. The bank was also an original investor in the acquisition of Hunter Manufacturing Co.

“The deal was a purchase of assets with payment over time based upon meeting future targets,” said Brett Keith, a principal at Rockwood Equity. Keith added that the purchase price multiple was expected to be less than three times EBITDA.

Global Thermoelectric’s Heater Division fits in well with Hunter Manufacturing, which , in addition to its niche air filtration systems and diesel engine components for the defense and commercial industry, also has a niche heating division. Hunter generated in excess of $25 million in revenue for the fiscal year ending in June and expects the addition of its add-on acquisition to add approximately $7 million to its revenue.

“Our goal is to grow Hunter into a $75 million to $100 million company in the next five years,” Keith said. “We hope we can continue to do that by organic growth in our currently strong markets as well as through strategic niche acquisitions. Presently, we’re looking at multiple add-on acquisitions in niche defensible markets.”