Hughes Anderson Heat Exchangers, Inc.
How we got $57.0M
Based on its 134 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 28 years (since 1998)
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
Hughes-Anderson designs and manufactures custom shell and tube heat exchangers for refineries and chemical companies, with in-house engineering, machining and welding. It also owns drawings from Slagle Manufacturing and Western Supply and supports existing exchangers from those makers.
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
▼ 6% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 134 | $56.8M |
| 2020 | Form 5500 | 116 | $49.2M |
| 2021 | Form 5500 | 110 | $46.6M |
| 2022 | Form 5500 | 117 | $49.6M |
| 2023 | Form 5500 | 114 | $48.3M |
| 2024 | Form 5500 | 119 | $50.4M |
| 2025 | Form 5500 | 126 | $53.4M |
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 |
|---|---|---|
| HUGHES ANDERSON HEAT EXCHANGERS, INC. this business | $89.8M | — |
| ADVANCED PRECISION FABRICATORS INC. Tulsa · 16 employees | $7.0M | 1.3 mi |
| HEAT TRANSFER EQUIPMENT COMPANY Tulsa · 133 employees | $103.0M | 2.5 mi |
| TSI-ENQUIP INC. Tulsa · 9 employees | $4.8M | 3.3 mi |
| ENERGY EXCHANGER COMPANY Tulsa · 73 employees | $68.4M | 3.6 mi |
| ACCURATE MACHINE & MAINTENANCE INC Tulsa · 5 employees | $2.7M | 4.1 mi |
| THE WHITE GROUP INC Tulsa · 1 employees | $922K | 4.8 mi |
The full calculation
| Employees reported to the SBA | 134 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $75.5M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $82.1M |
| Estimate: the two combined (geometric mean) | $89.8M |
| EBITDA margin (industry, adjusted for size) | 9% |
| EBITDA = revenue × margin | $8.4M |
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 | $57.0M |
| Multiple for this size and industry | 6.8× |
| Value range | $30.0M – $77.9M |
| Revenue range | $59.0M – $102.4M |
| EBITDA range | $5.5M – $9.5M |
| 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
“At Hughes-Anderson, we have specialized in building shell and tube heat exchangers for refineries and chemical companies for over 50 years.”
Leadership
- MWMark WrightManager of Quality Control · Company website · source
- JBJerry BarhamManager of Engineering · Company website · source
- KBKelly BockManager of Manufacturing · Company website · source
- MKMichael KindschiManager of Engineering · Company website · source
- MLMichael LongoVice President / Controller · Company website · source
Advisors
- AccountingHogantaylor LLPAudits its 401(k) plan (2025 filing)
- BankingAmerican Bank and Trust CompanyPPP / 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
| American Bank and Trust Company PPP 2020 | All 117 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/6/2020 | first | $1.8M | 134 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Hughes Anderson Heat Exchangers, Inc.
Hughes Anderson Heat Exchangers, Inc. is a power boiler and heat exchanger manufacturing company in Tulsa, Oklahoma, in business since 1998. It is owned by Kevin Gordon (President). Its estimated annual revenue is about $89.8M, with roughly $8.4M of EBITDA. It has about 126 employees. Its estimated business value is $57.0M (likely range $30.0M–$77.9M).
Common questions
- Who owns Hughes Anderson Heat Exchangers, Inc.?
- Hughes Anderson Heat Exchangers, Inc. is owned by Kevin Gordon (President), according to public sources such as the company's website or filings.
- How much revenue does Hughes Anderson Heat Exchangers, Inc. make?
- SeeBITDA estimates Hughes Anderson Heat Exchangers, Inc.'s annual revenue at about $89.8M (likely between $59.0M and $102.4M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Hughes Anderson Heat Exchangers, Inc. worth?
- About $57.0M, roughly 6.8× its estimated EBITDA of $8.4M, typical for a power boiler and heat exchanger manufacturing company its size. Likely range: $30.0M–$77.9M.
- How many employees does Hughes Anderson Heat Exchangers, Inc. have?
- About 126, from its 2025 retirement-plan filing.
- When was Hughes Anderson Heat Exchangers, Inc. founded?
- Hughes Anderson Heat Exchangers, Inc. has been in business since 1998.