Acquisition to Provide Access to Affiliated Dealer Network for
Residential Water Treatment Business
LONDON--(BUSINESS WIRE)--
Pentair plc (NYSE:PNR), a leading water treatment company, today
announced that it has entered into a definitive agreement to acquire
Aquion for $160 million in cash, subject to customary adjustments.
Aquion offers a diverse line of water conditioners, water filters,
drinking-water purifiers, ozone and ultraviolet disinfection systems,
reverse osmosis systems and acid neutralizers for the residential and
commercial water treatment industry.
The addition of Aquion and its affiliated dealer network, offering
complete systems and solutions, will highly complement Pentair’s value
chain in residential water offerings. This benefits consumers by
increasing access as well as providing more choices to meet their water
treatment needs.
“This planned acquisition is a significant component of our strategy to
be closer to the residential consumer by allowing us to offer turnkey
water conditioning solutions through Aquion’s network of affiliated
dealers,” said John L. Stauch, Pentair President and Chief Executive
Officer. “Aquion’s strong portfolio of residential and commercial water
systems, combined with Pentair’s technical expertise in water treatment
technologies, will position us to expand our scope and customer
offerings in the residential and commercial water treatment arena.”
“Aquion is pleased to join Pentair,” said Michael Madsen, Aquion
President and Chief Executive Officer. “This will allow Aquion to build
on its strengths within an organization that is also committed to
creating solutions that make water softer and more economical to use and
consume across both the residential and commercial industries.”
The transaction is anticipated to be completed in the first quarter of
2019, subject to customary closing conditions and necessary regulatory
approvals.
Pentair plans to release its fourth quarter and full year 2018 results
on January 29, 2019, at which time it anticipates providing its 2019
outlook, including the projected financial impact of this transaction.
Citi is acting as financial advisor and Foley & Lardner LLP is serving
as legal counsel to Pentair on the transaction. Baird is acting as
financial advisor and Quarles & Brady LLP is serving as legal counsel to
Aquion on the transaction.
Pentair also announced today in a separate press release that it has
also entered into a separate definitive agreement to acquire Pelican
Water Systems.
ABOUT PENTAIR PLC
At Pentair, we believe the health of our world depends on reliable
access to clean water. We deliver a comprehensive range of smart,
sustainable water solutions to homes, business and industry around the
world. Our industry leading and proven portfolio of solutions enables
our customers to access clean, safe water, reduce water consumption, and
recover and reuse it. Whether it’s improving, moving or enjoying water,
we help manage the world’s most precious resource. Smart, Sustainable,
Water Solutions. For Life.
With approximately 130 locations in 34 countries and 10,000 employees,
we believe that the future of water depends on us. Our 2017 revenue was
$2.8 billion, and we trade under the ticker symbol PNR. To learn more,
visit Pentair.com.
ABOUT AQUION
Aquion, majority owned by Mason Wells, is a manufacturer and marketer of
premium water treatment equipment and water quality solutions that
serves a variety of markets around the world. Headquartered outside
Chicago, with approximately 170 employees, Aquion has been manufacturing
water treatment equipment since 1953. Aquion offers a diverse line of
water conditioners, iron filters, carbon filters, drinking-water
purifiers, ozone and ultraviolet disinfection systems, reverse osmosis
systems and acid neutralizers for the residential and commercial water
treatment industry. Aquion’s residential brands include RainSoft and
Erie Water Treatment, and its commercial brands include OptiPure and
ClearWater Tech. Aquion’s projected revenues in 2018 are expected to be
approximately $72 million.
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 benefits of the acquisition, are
forward-looking statements subject to risks and uncertainties, such as
the company’s ability to close the acquisition on the expected terms and
schedule, the company’s ability to obtain regulatory approvals and
satisfy other closing conditions, and the company’s ability to integrate
the acquisition successfully, 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, 2017. 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190107005508/en/
Pentair Contacts:
Jim Lucas
Senior Vice President,
Investor Relations and Treasurer
Tel: 763-656-5575
Email: jim.lucas@pentair.com
Rebecca
Osborn
Senior Manager, External Communications
Tel:
763-656-5589
Email: rebecca.osborn@pentair.com
Source: Pentair plc