Gardner Denver Holdings Inc has acquired MP Pumps Inc from Lionheart Industrial Group for a net purchase price of approximately US$58 million funded by cash on hand.
Based in Fraser, Michigan, USA, MP Pumps manufactures specialty industrial pumps and associated aftermarket parts for use in a range of industrial end markets. MP Pumps will now be part of Gardner Denver’s Industrials Segment.
Gardner Denver says that the acquisition of MP Pumps will provide further access to the specialty industrial pumps market and leverage its distribution network, commercial, operational and R&D capabilities.
“MP Pumps complements and expands Gardner Denver’s existing specialty industrial pump offering and provides increased access to and expertise in the market,” said Vicente Reynal, Gardner Denver’s CEO. “The acquisition of MP Pumps is another important step in our strategy to drive ongoing profitable growth by leveraging core, mission critical technologies in attractive end markets.”
“Lionheart Industrial Group is pleased to have owned MP Pumps for the last decade and help guide its growth through strategic and operational value improvement. We are excited for the future of the company, and its employees, under the stewardship of Gardner Denver,” said David Bovenizer, CEO of Lionheart.
Greg Peabody, president of MP Pumps, said: “As part of Gardner Denver, we will be able to leverage an expanded commercial and operational footprint as we continue to deliver high quality products and services to our customers.”