Watts Water Technologies acquired Bradley Corporation (Bradley Company, LLC) for $303 million (announced; approximately $301.2 million net purchase price at close, net of cash acquired of $9.2 million; net transaction value approximately $268 million after expected tax benefits), a transaction completed in October 2023, structured as cash on hand plus borrowings under existing revolving credit facility ($210.0 million financed).
Bradley Corporation (Bradley Company, LLC) operates in Americas, had revenue of about approximately $200 million annual net sales. Manufacturer of plumbing fixtures, washroom accessories and emergency safety products serving commercial (primarily institutional) and industrial end markets; annual net sales of approximately $200 million.
Enhances diversification of water solutions portfolio through a complementary strategic platform; increases exposure to commercial (primarily institutional) and industrial end markets; supports value creation through greater scale and meaningful run-rate cost synergies.
meaningful run-rate cost synergies; cross-selling across combined sales networks and channel relationships Diane McClintock, IR: the company benefited from incremental sales due to the acquisitions of Enware, Bradley, and Josam, and was very pleased with the performance of these new acquisitions, expecting them to continue contributing to long-term success.
Today's strategic acquisition delivers on our mission to improve comfort, safety and quality of life for people around the world. Bradley's complementary portfolio will enable us to provide our customers with innovative water solutions, as it adds front-of-the-wall applications to our differentiated back-of-the-wall portfolio. We believe we can leverage the combined strengths of the two companies' sales networks and channel relationships to facilitate cross selling and accelerate growth.Robert J. Pagano Jr., Chief Executive Officer, Watts Water Technologies
Advisory firms were not disclosed for this transaction.