Pentair To Acquire Pleatco For $255M

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.