- Pentair PLC PNR has agreed to acquire Pleatco, a manufacturer of water filtration and clean-air technologies for pool, spa, and industrial air customers, from Align Capital Partners for total consideration of ~$255 million in cash.
- Pentair expects Pleatco to generate ~$95 million of annual revenue in 2021 and the transaction to be accretive in its first full year.
- This acquisition provides Pentair with an expanded range of replacement filter products through Pentair's existing Pool and Spa distribution channels and Pleatco's distribution channels.
- Pentair held cash and cash equivalents of $95.9 million as of June 30, 2021.
- Pentair expects to complete the acquisition in 4Q21.
- Price Action: PNR shares are trading higher by 1.69% at $77.24 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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