VANCOUVER, Wash., Sept. 21, 2016 /PRNewswire/ -- Cadet
Manufacturing, a market-leading heating products company founded in
1957, will be acquired by Glen Dimplex Group, the world's largest
manufacturer of electrical heating, headquartered in Ireland. Like Cadet, Glen Dimplex is a
privately held company managed by its founding family. The sale
will be effective at closing later this fall 2016.
Cadet will retain its name for the foreseeable future, maintain
its headquarters in Vancouver and
continue to be overseen by its existing management team. Cadet
founder and current CEO, Dick
Anderson, will continue with the company in a consulting
role. Cadet's current president, Hutch Johnson, who has been with
the company since 1998, will be promoted to CEO.
Founded and wholly owned by the Naughton family, Glen Dimplex is
a leading international industrial group with business and
manufacturing bases in Ireland,
United Kingdom, Europe, North
America, Australasia and Asia. Glen Dimplex was established in 1973 as
a manufacturer of oil-filled radiators, with seven employees.
Today, the company owns more than 30 companies with upwards of
10,000 employees.
"We are proud to welcome Cadet to the Glen Dimplex family," said
Fergal Naughton, Glen Dimplex CEO.
"As a group we are focused on putting our employees and customers
first, and this emphasis will continue for Cadet."
Cadet currently has 109 full-time employees at its Vancouver headquarters, and 20 part-time
employees. A key consideration for Glen Dimplex in purchasing Cadet
was the company's track record of fostering long term employees and
providing a culture based on family values. Ensuring a stable
future for employees was concurrently a prime consideration for
Anderson when he chose to sell his company to Glen Dimplex.
"Cadet has been a very important part of my family's life since
founding it 59 years ago," said Anderson. "I am so pleased to
transition ownership to an organization that will continue to make
Cadet a great place to work for generations to come. Besides being
the right thing for my family, selling to Glen Dimplex is the right
thing to do for our employees, our customers, our suppliers, and
the Vancouver community."
Naughton noted that adding Cadet to the Glen Dimplex roster will
allow the global company to expand its service well beyond its
current scope. Glen Dimplex currently owns another electric heat
manufacturer, Dimplex North America, based in Cambridge, Ontario, which manufactures many
additional products that Cadet will take to market.
"The synergies between Cadet and Dimplex North America will
greatly enhance our ability to support our customers in
North America," said Naughton. "We
strongly value Cadet for its future place in our organization, and
for the additional sales strength it will provide us for exploring
new opportunities and markets. The acquisition of Cadet is an
important step in our ambition to be a major player in North America."
"With this sale to Glen Dimplex, Vancouver will continue to be home to a great
company, our employees can feel secure about their jobs, and our
customers can be assured that we will continue to build
high-quality products, backed by our exceptional customer service,"
said Johnson.
Cadet has experienced a 50 percent sales increase nationally
since 2010, and according to Johnson the sale will allow the
company to continue this growth in the consumer and commercial
heating markets.
For more information about Cadet, go to
www.cadetheat.com or call 855.CADET.US.
For more information about Dimplex North America go to
www.dimplex.com.
For more information about Glen Dimplex go to
www.glendimplex.com.
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SOURCE Cadet Manufacturing