Pentair plc, a leading water treatment company, 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.