Franklin Electric Acquires Groundwater Distributor Blake Group For $27.1M Cash

Franklin Electric Co Inc FELE subsidiary Headwater Companies, LLC has acquired Blake Group Holdings, Inc., a Connecticut corporation, for $27.1 million in cash.
Blake is a professional groundwater distributor operating fourteen locations throughout the northeast U.S., with ~$74 million of consolidated annual sales.
The acquisition of Blake provides geographic expansion in the New York and New England markets.
Franklin Electric held cash and equivalents of $75.95 million as of September 30, 2021.
Price Action: FELE shares are trading higher by 1.62% at $94.77 on the last check Tuesday.