Marshall & Stevens Advises R.F. MacDonald in Partnership with Cleaver-Brooks

Orange County, CA – September 8, 2026 – Marshall & Stevens, through its ESOP Advisory group (fka. Acuity Advisors), served as exclusive financial advisor to R.F. MacDonald in its acquisition by Cleaver-Brooks, a transaction cementing 70 years of partnership between the two organizations. The transaction is subject to customary regulatory approvals, and is expected to close early in the fourth quarter of 2026.

R.F. MacDonald, an employee-owned leader in boiler sales and service, has been a trusted representative of Cleaver-Brooks, the national leader in integrated boiler systems and other thermal energy solutions, since 1956. Through this transformative combination, Cleaver-Brooks and its parent company Miura Co., Ltd. (TSE:6005) strengthen their presence in the Western US market, and bring extensive service and other technical capabilities into one combined organization.

“Since our work with R.F. MacDonald and the MacDonald family began in 2018, we have been honored to advise the Company through it’s transition to employee ownership, and now, through this landmark partnership with Cleaver-Brooks,” said Chase Hoover, Managing Director with Marshall & Stevens. “This marks the start of the next chapter in a strong relationship dating back to the Company’s founding, while providing a tremendous outcome for R.F. MacDonald’s employee-owners, and untold opportunity for both organizations moving forward.”

The Marshall & Stevens deal team was led by Chase Hoover and Michael Young. Read more about the transaction here.