Leading position in niche market for commercial and industrial boilers serving healthcare, food and beverage, and other industries; and Strong distribution network consisting of exclusive sales representatives and a strong brand name and reputation. Limited size and scope of operations; a highly fragmented and competitive market with other large operators; Highly leveraged; and Paying out a dividend to equity sponsor in a recent transaction. The ratings on Thomasville, Ga.-based Cleaver-Brooks Inc. reflect its leading position in the niche market for mid-to-large commercial and industrial boilers. It has a strong distribution network consisting of exclusive sales representatives and has a well-known brand name and reputation. However, its position in a highly fragmented and competitive industry, and its highly leveraged financial risk
