Houlihan Lokey Advises Miura

Houlihan Lokey is pleased to announce that MIURA Co., Ltd. (MIURA), has acquired Cleaver-Brooks Co., Inc. (Cleaver-Brooks), a leading manufacturer and distributor of small to large boilers in the U.S., for an enterprise value of $774 million. Houlihan Lokey acted as the exclusive financial advisor to Miura.

Founded in 1957 and headquartered in Ehime, Japan, MIURA is one of Japan’s major manufacturers of boiler systems. Miura has operations and subsidiaries in more than 24 countries and employs approximately 6,100 people across Japan, other parts of Asia, and North America.

Founded in 1958 and headquartered in Thomasville, Georgia, U.S., Cleaver-Brooks is a leading manufacturer and distributor of packaged boilers and engineered boiler systems in various end markets. Cleaver-Brooks offers a wide range of products from small to large boilers and has particular strength in large boilers.

This transaction aligns with MIURA’s strategic focus to increase its presence in the U.S. and global markets and will allow MIURA to offer a broader range of products, cross-sell, and expand its sales channel. It will also enable cooperation in manufacturing and R&D globally.