Benzinga | May 19, 2021 04:23PM EDT

Pentair Completes Transaction To Acquire Assets Of Ken's Beverage, Inc. For $80M In Cash

Acquisition Expands Pentair's National Commercial Service Network

Pentair plc (NYSE:PNR), a leading provider of water treatment and sustainable solutions, today announced that it completed the previously announced transaction to acquire the assets of Ken's Beverage, Inc. (KBI), for approximately $80 million in cash, subject to customary adjustments. For over 35 years, and operating with 30 branches and over 300 trained technicians, KBI has provided beverage equipment and services to commercial customers.

"We are excited about the addition of KBI and the new growth opportunities it brings as we advance our strategy to provide a full suite of products and services for commercial customers," said Mario D'Ovidio, Executive Vice President and President, Pentair Consumer Solutions. "This acquisition further realizes our vision to be the leading provider of residential and commercial water treatment solutions, delivering smart, sustainable solutions that empower customers to make the most of life's essential resources."

"We are pleased to become a part of Pentair," said Ken Reimer, founder of KBI and Commercial Services Business Development Leader for Pentair Water Treatment Services. "With our shared commitment to delivering exceptional beverage services and solutions to our customers, I am personally looking forward to continuing to grow the service capability as part of the Pentair team."