Lindon-based Profire Energy Inc., a technology company which creates, installs and services burner and chemical management equipment in the oil and gas industry, has announced that its wholly owned subsidiary, Profire Combustion Inc., has acquired Millstream Energy Products Ltd. of Victoria, British Columbia, Canada. Profire paid $2.5 million for Millstream assets. The transaction closed on June 18.{mprestriction ids="1,3"}
Millstream Energy Products is a privately held Canadian company that develops a line of high-performance burners, economy burners, flame arrestor housings, secondary air control plates and other related combustion components. The company’s full line of products will become available for sale by Profire’s existing sales team immediately.
Profire was founded in 2002 and employs about 100 in its Utah operation.
“We are excited to announce the acquisition of Millstream Energy Products,” said Brenton W. Hatch, president and CEO of Profire Energy. “With the addition of the MEP product line, we expect to be able to provide our customers with a complete best- in-class burner management solution while maintaining our historically strong product margins. This is a strategic step in our long-term growth plan, allowing the company to position itself as the only full solution provider for the burner management system industry.”{/mprestriction}
