Heat Transfer Equipment Company
How we got $65.3M
Based on its 133 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 52 years (since 1974)
From public records and the company's website, not a statement that it's for sale.
What they do
HTE (Heat Transfer Equipment Company) in Tulsa, OK designs, fabricates and repairs shell and tube heat exchangers and related components, established 1974.
From the company's website. Industry: Power Boiler and Heat Exchanger Manufacturing.
Estimated value over time
▲ 15% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 2% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 133 | $56.4M |
| 2020 | Form 5500 | 112 | $47.5M |
| 2021 | Form 5500 | 102 | $43.2M |
| 2022 | Form 5500 | 107 | $45.4M |
| 2023 | Form 5500 | 119 | $50.4M |
| 2024 | Form 5500 | 130 | $55.1M |
| 2025 | Form 5500 | 131 | $55.5M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| HEAT TRANSFER EQUIPMENT COMPANY this business | $103.0M | — |
| ENERGY EXCHANGER COMPANY Tulsa · 73 employees | $68.5M | 1.1 mi |
| ADVANCED PRECISION FABRICATORS INC. Tulsa · 16 employees | $7.0M | 1.2 mi |
| HUGHES ANDERSON HEAT EXCHANGERS, INC. Tulsa · 134 employees | $89.8M | 2.5 mi |
| AMERIPUMP MFG LLC Tulsa · 5 employees | $2.0M | 3.0 mi |
| TSI-ENQUIP INC. Tulsa · 9 employees | $4.8M | 5.0 mi |
| R.W. HOLLAND I, LLC Tulsa · 43 employees | $36.6M | 6.0 mi |
The full calculation
| Employees reported to the SBA | 133 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $74.9M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $108.9M |
| Estimate: the two combined (geometric mean) | $103.0M |
| EBITDA margin (industry, adjusted for size) | 9% |
| EBITDA = revenue × margin | $9.6M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $65.3M |
| Multiple for this size and industry | 6.8× |
| Value range | $34.4M – $89.4M |
| Revenue range | $67.7M – $117.4M |
| EBITDA range | $6.3M – $11.0M |
| Industry (NAICS) | Power Boiler and Heat Exchanger Manufacturing (332410) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
“With strong leadership and efficient manufacturing, our company has thrived since 1974.”
Advisors
- AccountingHogan Taylor LLPAudits its 401(k) plan (2025 filing)
- BankingBOKF, National AssociationPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| BOKF, National Association PPP 2020 | All 2,399 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/4/2020 | first | $2.4M | 133 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Heat Transfer Equipment Company
Heat Transfer Equipment Company is a power boiler and heat exchanger manufacturing company in Tulsa, Oklahoma, in business since 1974. It is owned by Lance Amato. Its estimated annual revenue is about $103.0M, with roughly $9.6M of EBITDA. It has about 131 employees. Its estimated business value is $65.3M (likely range $34.4M–$89.4M).
Common questions
- Who owns Heat Transfer Equipment Company?
- Heat Transfer Equipment Company is owned by Lance Amato, according to public sources such as the company's website or filings.
- How much revenue does Heat Transfer Equipment Company make?
- SeeBITDA estimates Heat Transfer Equipment Company's annual revenue at about $103.0M (likely between $67.7M and $117.4M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Heat Transfer Equipment Company worth?
- About $65.3M, roughly 6.8× its estimated EBITDA of $9.6M, typical for a power boiler and heat exchanger manufacturing company its size. Likely range: $34.4M–$89.4M.
- How many employees does Heat Transfer Equipment Company have?
- About 131, from its 2025 retirement-plan filing.
- When was Heat Transfer Equipment Company founded?
- Heat Transfer Equipment Company has been in business since 1974.