Benzinga | Apr 20, 2021 06:56AM EDT

Pentair Announces Definitive Agreement To Acquire Assets Of Ken's Beverage, Inc. For ~$80M

Acquisition to Expand Pentair's National Commercial Direct Service Network

Pentair plc (NYSE:PNR), a leading provider of water treatment and sustainable solutions, today announced that it has entered into a definitive agreement to acquire the assets of Ken's Beverage, Inc. (KBI), a provider of beverage equipment and service to commercial customers.

"The planned addition of KBI advances our strategy to provide a full suite of services for commercial customers, and supports Pentair's vision to be a leading residential and commercial water treatment company," said Mario D'Ovidio, Executive Vice President and President, Pentair Consumer Solutions. "KBI brings a valuable national direct service network to the portfolio, allowing Pentair to seamlessly manage the full customer experience, including product development, sales, installation, and service to ensure the best quality products are matched with the most reliable and dedicated service network for all commercial applications."

Total consideration for the transaction is approximately $80 million in cash, subject to customary adjustments. The transaction is anticipated to be completed in the second quarter of 2021, subject to customary closing conditions.