Carleton McKenna & Co. advises Reliable Construction Heaters, Inc. in its Sale to Tioga Air Heaters, LLC a portfolio company of Mangrove Equity Partners and Hunter Equity Capital, LLC

Carleton McKenna & Co. acted as exclusive financial advisor to Reliable Construction Heaters, Inc. (“Reliable”) in its sale to Minneapolis-based Tioga Air Heaters, LLC (“Tioga”). The acquisition allows Tioga to expand its markets geographically and provide a greater level of service to customers. The acquisition price was not disclosed.

Reliable provides temporary heating, air conditioning, dehumidification, and ventilation equipment across the Northeast and Midwest U.S. The company employs 35 tenured professionals across 11 branch locations serving thousands of customers.

Tioga, manufactures, rents, and sells direct and indirect fired air heaters as well as dehumidifiers and other accessories to a range of markets worldwide. In 2013, Mangrove Equity Partners invested alongside Hunter Equity Capital to acquire Tioga as a platform company from its original ownership. The add-on acquisition of Reliable will be complimentary to Tioga’s organic growth strategy.

“We are extremely excited about this acquisition and it fits in very well with Tioga Air Heaters,” said Douglas Smith, Chairman of Tioga. “The Carleton McKenna team did a tremendous job of not only representing the seller but handling all aspects of the transaction in a highly professional manner.”

“Carleton McKenna demonstrated extraordinary commitment to helping us achieve our objectives by driving an efficient process, finding the right buyer and remaining engaged during the entire process.” reflected Frank Floyd Jr., Chairman/CEO of Reliable. “We look forward to a bright future, as Tioga is a great fit for our company, employees and customers.”

Reliable President, Gordon D. Newell commented, “We are excited to be working with the Tioga management team as well as the professionals at Mangrove and Hunter Equity. We know that this combination of geographic expansion, deep relationships and capabilities will result in significant growth for the combined company. Throughout the transaction process, Carleton McKenna worked closely with the Reliable management team and drove a successful outcome.”

About Reliable Construction Heaters

Reliable is a market leader in the rental of temporary, portable, supplement and emergency heating, cooling and dehumidifying equipment. Incorporated in 1986, Reliable services customers in the Midwest and Northeast regions of the United States from its headquarters just outside of Cleveland, OH. The Company rents heating, cooling and dehumidification equipment primarily to the commercial construction, general industrial, party & event, commercial, and oil & gas end markets.

About Tioga Air Heaters

Tioga, based in Minneapolis, MN, is an industry leader in the design, manufacture, sale and rental of industrial temporary heaters. Tioga manufactures industrial-sized heaters of its own proprietary design for use in a myriad of industries and extreme environments. Tioga branded products are well known for their reliability in the field, efficiency and durability. The Company sells and rents its heaters nationwide and focuses on the highest end of the temporary heater market.

About Carleton McKenna & Co.

For more than thirty years, Carleton McKenna & Co. and its predecessor firms have been providing merger and acquisition advisory, capital raising and valuation services for small to mid-cap regional clients – both public and private – with expertise across a broad array of industries. For further information about Carleton McKenna & Co., please visit

If you would like more information about this transaction, please contact:

Paul H. Carleton
Christopher J. McKenna
Brooke A. Hradisky

*Securities placed through Carleton McKenna Advisors, which is a member of FINRA/SIPC

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