API Heat Transfer Names William Hittie as Chief Executive Officer

CHICAGO--(BUSINESS WIRE)--API Heat Transfer Inc. (“API” or the “Company”), a global leader in the design and manufacture of specialty heat exchangers and heat transfer solutions, today announced the appointment of William (“Bud”) Hittie as Chief Executive Officer, effective October 1, 2025. Mr. Hittie succeeds interim CEO John Boucher, who has served in the role since April 2025. API is a portfolio company of certain funds or accounts managed by Arbour Lane Capital Management, L.P. (“Arbour Lane”) and Littlejohn & Co., LLC (“Littlejohn”). Mr. Hittie and Mr. Boucher will also join the Company’s Board of Directors.

Mr. Hittie is a seasoned operating executive with nearly 35 years of experience leading global business units across diverse industries. He most recently served as President and CEO of INNIO Waukesha Gas Engines (formerly GE Distributed Power), a leading manufacturer of large natural gas engines and related industrial equipment, where he scaled the business and built a new leadership team following Advent International’s investment. Previously, he was Vice President, Corporate Supply Chain and Manufacturing Excellence at Xylem, a global water technology provider. He also spent over a decade at Kinetek, a global electric motor and drives manufacturer, where he supported the company’s sale to Nidec Corporation in 2012, later serving in leadership roles at Nidec. Earlier in his career, Mr. Hittie held management positions at Danaher Tool Group and General Electric.

“We are enthusiastic about welcoming Bud to API,” said Tom Lynch, Managing Director of Arbour Lane. “His operational expertise and deep experience in scaling industrial businesses align well with API’s long-term strategic priorities. We are excited to partner with Bud and the leadership team to continue building on the Company’s strong foundation.”

“API has a strong growth trajectory, and Bud brings the right strategic mindset, commercial expertise, and track record to drive long-term success,” said Brian Ramsay, Managing Partner and President of Littlejohn. “We are confident that API will benefit greatly from Bud’s leadership and look forward to working closely with him as we continue to invest in the Company.”

“API’s rich heritage, innovative products, and strong global footprint set it apart as an industry leader,” added Mr. Hittie. “I am thrilled to join API and lead the Company at this exciting time as we capitalize on its market position and accelerate growth momentum.”

About API
For more than 140 years, API has been designing and delivering world-class, high-performance heat transfer solutions for nearly every industry application. We provide custom-engineered solutions to take on any heat transfer challenge by working closely with our customers during every step of the process. And our global network of manufacturing facilities and more than 1,100 trained and dedicated employees worldwide offer world-class solutions for any heat transfer challenge. For more information about API, visit www.apiheattransfer.com.

About Arbour Lane Capital Management
Arbour Lane Capital Management, L.P. is an alternative investment firm specializing in opportunistic credit and special situations. Based in Stamford, Connecticut, the firm manages capital on behalf of institutional investors and focuses on investments in middle-market companies across a wide range of industries. Arbour Lane partners with management teams and co-investors to provide flexible capital solutions that support growth, operational improvement, and long-term value creation.

About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments in growing middle-market industrial and services companies that can benefit from Littlejohn’s 25+ years of operational and sector expertise. With approximately $8 billion in regulatory assets under management, the firm seeks to build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit www.littlejohnllc.com.