What are the Terms of Miura’s Acquisition of Cleaver Brooks?

While a sale price remains undisclosed so far, Miura’s acquisition of Cleaver-Brooks is already generating publicly-available terms and disclosures since its announcement in May 2024.

The sale came just weeks after Miura’s purchase of CERTUSS Dampfautomaten GmbH & Co. KG, a German manufacturer of high-speed steam generators, on April 30, 2024. These back-to-back acquisitions signal Miura’s aggressive expansion into Western markets, with CERTUSS strengthening the company’s European presence and Cleaver-Brooks solidifying its North American foothold. The CERTUSS acquisition was valued at approximately €31 million, or $33 million USD at the time. Both deals follow Miura’s pattern of preserving established brands while pursuing technological and operational synergies.

In an industry where the terms of sales are often opaque, the sale of privately held Cleaver-Brooks to publicly traded Miura brings us rare insights into the North American boiler industry — shining a light on broader motivations for consolidation and needed collaboration between the peers on research and development. Financial results reported to investors in a November financial results report from Miura underscore the logic of the agreement.

“CB’s immediate focus is to capture present and foreseeable demand for industrial boilers to gain a larger share of the market, while taking ownership in preparing to expand its maintenance and green-solutions business by leveraging the Miura Group’s products and know-how,” the financial results report reads, noting Cleaver-Brooks was a premier target for acquisition, with 30% of its revenue coming from products developed within the past seven years.

“CB products made with its substantial R&D resources and considerable machinery engineering expertise help customers save on fuels and reduce carbon emissions in their operations,” the report continued, adding that with more than 70,000 industrial boilers in operation, Cleaver-Brooks already has a strong market share. This effort falls in line with Miura’s existing lineup of high efficiency boilers and thermal equipment.

With the purchase of Cleaver-Brooks comes an extensive sales infrastructure. The company maintains a distribution network of 150 authorized sales representatives across more than 50 countries, including 36 independent firms across the Unites States and Canada alone. Together with Miura America’s own nationwide independent representative network, the company is well positioned to provide technical expertise and sustainable solutions to customers across all of North America.

Under Miura’s ownership, Cleaver-Brooks will pursue three core strategies: modernizing customer infrastructure, diversifying product lines in line with Miura’s offerings, and strategic acquisitions.

Miura and Cleaver-Brooks plan to leverage their combined customer databases and sales networks to drive boiler upgrades, while introducing remote monitoring solutions. Product expansion will focus on low-carbon alternatives, including heat pumps and electric boilers, alongside complementary water treatment systems from Miura.

For acquisitions, Cleaver-Brooks aims to target companies that enhance its sales distribution and engineering capabilities.

The acquisition’s immediate impact is already evident in Miura’s financial performance. Equipment sales outside Japan saw dramatic growth in 2024, with revenue surging 194.5% year-over-year and segment profit soaring 244.7%, gains primarily attributed to the Cleaver-Brooks acquisition. Maintenance sales also grew with a segment profit growth of 335%, again attributed to Cleaver-Brooks and its pursuit of fee-based maintenance contracts.

As regulatory pressures mount globally, Cleaver-Brooks and Miura are prioritizing compliance and innovation as a central tenet of their strategic alignment.

Miura plans to grant Cleaver-Brooks significant autonomy in its business management and operations, per their Nov. financial results report. The companies’ first collaborative initiative will be establishing a technical information sharing center in Milwaukee, where Cleaver-Brooks was founded. This R&D hub will focus on two critical industry challenges: developing alternative heat-energy solutions as fossil-fuel boiler sales decline amid the push for carbon-neutral operations, and creating region-specific guidelines for boiler water treatment.

This strategic approach—maintaining CB’s independence while fostering technical collaboration—reflects Miura’s broader vision of building a global heat-energy solutions provider that can adapt to rapidly evolving environmental regulations and regional market demands. The Milwaukee center represents just the first step in what both companies envision as a long-term partnership to drive innovation in sustainable industrial heating solutions.