Watts Water Technologies, Inc., (“Watts”) – through its subsidiaries, one of the world’s leading manufacturers and providers of plumbing, heating and water quality products and solutions – today announced that it has completed the previously announced acquisition of Bradley Corporation (“Bradley”) for $303 million, subject to customary adjustments. The net transaction value is approximately $268 million after adjusting for the estimated net present value of expected tax benefits of approximately $35 million. The acquisition was funded with cash on hand and from Watts’ existing revolving credit facility.
Bradley is a trusted provider and manufacturer of commercial washroom and emergency safety products serving commercial (primarily institutional) and industrial end markets for over 100 years. The company offers a comprehensive product portfolio that includes plumbing fixtures, washroom accessories and emergency safety products to a diverse customer base. Bradley has annual net sales of approximately $200 million.
Chief Executive Officer Robert J. Pagano Jr. commented, “We are thrilled to welcome the Bradley team to Watts. The closing of this transaction is the first step to realizing the significant value of combining two innovative businesses with over 250 years of collective industry experience. I want to thank the teams at Watts and Bradley for their efforts to get us to closing today and helping to ensure a smooth, effective transition as we integrate Bradley with Watts.”
Additional information regarding the transaction will be provided during Watts’ third quarter earnings call on November 2, 2023.
