Pentair Announces Definitive Agreement to Acquire Pleatco
15 Setembro 2021 - 7:50AM
Business Wire
Acquisition to Expand Pentair’s Aftermarket
Presence in Water and Air Filtration
Pentair plc (NYSE: PNR), a leading provider of
water treatment and sustainable solutions, today announced that it
has entered into a definitive agreement to acquire Pleatco, a
manufacturer of water filtration and clean air technologies for
pool, spa and industrial air customers. Pleatco is a current
portfolio company of Align Capital Partners, a private equity firm
with investment teams in Dallas, TX and Cleveland, OH.
The planned acquisition of Pleatco provides Pentair an expanded
range of replacement filter products to be sold through Pentair’s
existing Pool and Spa distribution channels as well as through
Pleatco’s distribution channels.
“We are excited to expand our presence in the aftermarket
filtration space with an enhanced product offering that advances
our objective to offer an effortless pool experience for
consumers,” said John Stauch, Pentair President and CEO.
The planned acquisition also expands Pentair’s Industrial
Filtration portfolio, with complementary air filtration products to
serve the needs of its industrial customers.
“We look forward to welcoming the Pleatco employees to Pentair
and to growing the relationship with Pleatco’s existing customer
base,” continued Stauch. “The planned combination will provide
Pleatco entry to Pentair’s global distribution and sales channels,
and deliver increased production capacity and utilization, as well
as build on Pleatco’s track record of product innovation.”
Total consideration for the transaction is approximately $255
million in cash, subject to customary adjustments. Pentair expects
Pleatco to generate approximately $95 million of annual revenue in
2021. The transaction is expected to be accretive in its first full
year.
The acquisition is anticipated to be completed in the fourth
quarter, subject to customary closing conditions and necessary
regulatory approvals, including expiration of the applicable
waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended.
ABOUT PENTAIR PLC
Pentair makes the most of life’s essential resources. From our
residential and business solutions that help people move, improve
and enjoy their water, to our sustainable innovations and
applications, we deliver smart, sustainable solutions for life.
Pentair had revenue in 2020 of $3 billion, and trades under the
ticker symbol PNR. With approximately 9,750 global employees
serving customers in more than 150 countries, we work to help
improve lives and the environment around the world. To learn more,
visit pentair.com.
ABOUT PLEATCO FILTRATION
Pleatco is a leading designer and manufacturer of aftermarket
pleated filter cartridges, pleated bags, and other filtration
products for the industrial air and pool / spa markets across USA
and Europe. Pleatco Filtration brings together the combined forces
of former brands APEL, Milton, and TVS and incorporates stand-alone
brands Guardian Filtration, EFI and ECO Filtration under the one
umbrella, leveraging collective engineering, manufacturing, and
logistics resources to deliver best-in-class products backed by
industry leading sales, marketing, and customer service teams. For
more information, visit pleatco.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains statements that we believe to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements made about
the anticipated acquisition, including the anticipated time for
completing the transaction, the expected financial results of the
acquired business and the anticipated benefits of the acquisition,
are forward-looking statements subject to risks and uncertainties,
such as the company’s ability to satisfy closing conditions,
integrate the acquisition successfully, and retain customers and
employees of the acquired business; the impact, duration and
severity of the COVID-19 pandemic, virus variants and vaccination
rates, including actions that may be taken by us, other businesses
and governments to address or otherwise mitigate the impact of the
COVID-19 pandemic and the negative impacts of the COVID-19 pandemic
on the global economy; overall global economic and business
conditions; supply, demand, logistics, competition and pricing
pressures related to and in markets we serve; failure of markets to
accept new product introductions and enhancements; the impact of
raw material costs, labor costs and other inflation; the impact of
seasonality of sales and weather conditions; our ability to comply
with laws and regulations and the impact of changes in laws,
regulations and administrative policy, as well as other risk
factors contained in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2020. All forward-looking statements speak only
as of the date of this release. Pentair plc assumes no obligation,
and disclaims any obligation, to update the information contained
in this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210915005561/en/
Jim Lucas Senior Vice President, Treasurer, FP&A and
Investor Relations Tel: 763-656-5575 Email:
jim.lucas@pentair.com
Rebecca Osborn Senior Manager, External Communications Tel:
763-656-5589 Email: rebecca.osborn@pentair.com
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