AO Smith - M&A Summary and Business Overview

ManufacturingCompany

AO Smith M&A Summary

AO Smith has acquired 16 companies, including 5 in the last 5 years. A total of 4 acquisitions came from private equity firms.

AO Smith’s largest acquisition to date was in 2011, when it acquired Lochinvar for $418M. AO Smith has acquired in 7 different US states, and 3 countries. The Company’s most targeted sectors include electrical equipment (54%) and manufacturing (39%).

AO Smith Business Overview

Where is AO Smith headquartered?

AO Smith is headquartered in Milwaukee, Wisconsin.

What is AO Smith’s revenue?

AO Smith disclosed revenue of 3,754M USD for 2022 and 3,539M USD for 2021.

How many employees does AO Smith have?

AO Smith has 12,000 employees.

What sector is AO Smith in?

AO Smith is a manufacturing company.

When was AO Smith founded?

AO Smith was founded in 1874.

M&A Summary

  • M&A Total Activity13
    • M&A Buy Activity13
  • Total Sectors Invested 3
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 6

AO Smith

AO Smith Corp.

11270 West Park Place, Suite 170 PO Box 245008,
Milwaukee, Wisconsin 53224
United States,
(414) 359-4000
www.aosmith.com

AO Smith is a manufacturer of water heaters and boilers, serving a diverse mix of residential and commercial end markets. The Company's water heater segment offers electric, natural gas and liquid propane models as well as solar tanks and gas tankless units for today’s energy efficient homes. AO Smith's commercial boilers are used primarily in space heating applications including hospitals, schools, hotels and other large commercial buildings. AO Smith was incorporated in 1874 and is based in Milwaukee, Wisconsin.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 9 - 2 1 1 - 13
vol $1.4B $192M $1.6B
Sell (0.0/yr) # - - - - - - 0
  13

Most Recent M&A

Company Date Value Type
Water Tec of Tucson 2023-09-06 - Add-on Acquisition
Tucson, Arizona · www.watertectucson.com
Atlantic Filter Corp. 2022-06-08 - Add-on Acquisition
West Palm Beach, Florida · www.atlanticfilter.com
Usines GIANT Factories, Inc. 2021-10-19 192M USD Add-on Acquisition
Montreal, Quebec · www.giantinc.com
Master Water Conditioning Corp. 2021-07-23 - Add-on Acquisition
Pottstown, Pennsylvania · www.masterwater.com
Water-Right, Inc. 2019-04-08 107M USD Add-on Acquisition
Appleton, Wisconsin · www.water-right.com
Sun Water Systems, Inc. (dba Aquasana) 2016-08-08 87M USD Add-on Acquisition
Haltom City, Texas · www.aquasana.com
Lochinvar LLC 2011-08-26 418M USD Add-on Acquisition
Lebanon, Tennessee · www.lochinvar.com
GSW, Inc. 2006-04-03 340M USD Add-on Acquisition
Oakville, Ontario · www.gsw-wh.com
American Water Heater Co. 2006-04-03 - Add-on Acquisition
Johnson City, Tennessee · www.americanwaterheater.com
Yueyang Zhongmin Special Electrical Machinery Co., Ltd. 2005-11-08 - Add-on Acquisition
Yueyang, China
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Electrical Equipment 7 (54%) 1.2B (75%) - -
Manufacturing 5 (38%) 279M (18%) - -
Environmental 1 (8%) 107M (7%) - -
Total 13 $1.6B - -

By Geo

State/Country Buy Value Sell Value
United States 10 1.0B - -
  Tennessee 3 476M - -
  Wisconsin 2 357M - -
  Texas 1 87M - -
  Pennsylvania 1 - - -
  Kentucky 1 120M - -
  Florida 1 - - -
  Arizona 1 - - -
Canada 2 532M - -
  Quebec 1 192M - -
  Ontario 1 340M - -
China 1 - - -
Domestic 10 (77%) 1.0B (66%) - -
Cross-border 3 (23%) 532M (34%) - -
Total 13 $1.6B - -

Deal Values

buy # Total
$100M to $1B 6 $1.4B
< $100M 2 $145M
TOTAL $1.6B
Largest Lochinvar LLC
$418M (2011-08-26)

M&A Connections

Deals
Acquired from
Investor(s)
8%
1 (8%)
Strategic(s)
15%
2 (15%)

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