Benzinga | Sep 15, 2021 11:18AM EDT

Pentair To Acquire Pleatco For $255M

* Pentair PLC (NYSE: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.