Watts Water Technologies acquired Danfoss Socla S.A.S for approximately $165 million in cash, a transaction completed in April 2011, structured as all cash (share and asset purchase; funded with credit facility).
Danfoss Socla S.A.S operates in Europe, is based in France (products distributed worldwide), had revenue of about approximately $135 million 2010 annual revenue (including China water controls business). France-based manufacturer of a wide range of water protection valves and flow control solutions for the plumbing market and for HVAC; products distributed worldwide for municipal, industrial, commercial and residential use; includes the related water controls business of certain other entities controlled by Danfoss A/S. 2010 annual revenue (including water controls business in China) approximately $135 million.
Socla significantly strengthens our European plumbing and flow control platform and also adds to our HVAC platform. This transaction positions Watts as a strong competitor in Europe in three key areas: (i) residential and commercial flow control; (ii) HVAC and gas; and (iii) drains.
Socla significantly strengthens our European plumbing and flow control platform and also adds to our HVAC platform. Socla's major product lines include backflow preventers, check valves and pressure reducing valves, which are very similar to our core product lines in North America. This transaction positions Watts as a strong competitor in Europe in three key areas: (i) residential and commercial flow control; (ii) HVAC and gas; and (iii) drains.David Coghlan, Chief Executive Officer, Watts Water Technologies
Advisory firms were not disclosed for this transaction.