Pentair plc has entered into definitive agreements to acquire US water treatment equipment companies Aquion and Pelican Water Systems.
Aquion, majority owned by Mason Wells and headquartered outside Chicago, offers 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. Residential brands include RainSoft and Erie Water Treatment, while commercial brands include OptiPure and ClearWater Tech. Aquion has around 170 employees and is projecting 2018 revenues of approximately US$72 million.
Pelican Water Systems, which is majority owned by Trivest Partners, provides residential whole home water treatment systems. Founded in 2007 with the goal of producing environmentally friendly water filtration and softening systems, Pelican Water Systems is headquartered in DeLand, Florida and employs 79 people. The company is forecasting 2018 sales of around US$38 million.
Pentair will pay US$160 million in cash for Aquion and US$120 million for Pelican Water Systems.
The acquisition of Aquion will give Pentair access to its affiliated dealer network.
Commenting on the Aquion acquisition, John Stauch, Pentair president and CEO, said: “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. 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 CEO. “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 acquisition of Pelican Water Systems will also expand Pentair’s Residential Water Treatment Business.
“This planned acquisition is one of the key elements of our strategy to expand our core water treatment products in the residential home water business,” said Pentair’s Stauch. “Consumers today are increasingly concerned about water quality and want to be empowered to improve the health of their water. Pelican Water Systems adds new and complementary products and services to the Pentair portfolio to better meet our consumers’ residential water needs.”
“Pelican Water Systems is excited to become part of Pentair and help collectively address the growing water concerns of residential consumers,” said Iain J Whyte, Pelican Water Systems CEO. “Pentair will significantly expand our reach geographically as well as further our aligned missions to ensure the health of the world through cleaner water.”
Both acquisitions are expected to be completed in the first quarter of 2019, subject to customary closing conditions and necessary regulatory approvals.