M&A Deal Summary

Franklin Electric Acquires New Aqua

On May 17, 2021, Franklin Electric Co., Inc. acquired beverages company New Aqua LLC from Cardinal Equity Partners for 150M USD

Acquisition Highlights
  • This is Franklin Electric’s 1st transaction in the Beverages sector.
  • This is Franklin Electric’s 1st largest (disclosed) transaction.
  • This is Franklin Electric’s 16th transaction in the United States.
  • This is Franklin Electric’s 2nd transaction in Indiana.

M&A Deal Summary

Date 2021-05-17
Target New Aqua LLC
Sector Beverages
Buyer(s) Franklin Electric Co., Inc.
Sellers(s) Cardinal Equity Partners
Deal Type Add-on Acquisition
Deal Value 150M USD

Target

New Aqua LLC

Avon, Indiana, United States
website
Aqua Systems is an independently-owned provider of water softeners, drinking water systems, and bottled water in the eastern half of the United States. In this Family Legacy transaction, the company founder and his son had successfully transitioned the business from a high-pressure, door-to-door sales model to high service, true retail store concept. Aqua Systems was formed in 1959 and is based in Avon, Indiana.

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Buyer(S) 1

Buyer

Franklin Electric Co., Inc.

Fort Wayne, Indiana, United States

website


Category Company
Founded 1944
SectorElectrical Equipment
Employees6,400
Revenue 1.7B USD (2021)
DESCRIPTION

Franklin Electric is a provider of complete water systems and fueling systems. Franklin Electric's principal markets include clean water systems, water transfer and grey water systems, and fueling systems. Franklin serves all corners of the world with more than 14 manufacturing and distribution facilities. Franklin Electric was incorporated in 1944 and is based in Fort Wayne, Indiana.


DEAL STATS #
Overall 26 of 27
Sector (Beverages) 1 of 1
Type (Add-on Acquisition) 18 of 19
State (Indiana) 2 of 2
Country (United States) 16 of 17
Year (2021) 3 of 3
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Puronics, Inc.

Livermore, California, United States

Puronics is a residential and commercial water treatment products and services provider operating four company owned service centers and serving approximately 133 independent water quality dealers with approximately 260 locations in 31 states. Puronics was founded in 1947 and is based in Livermore, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-04 Blake Group Holdings, Inc.

East Windsor, Connecticut, United States

The Blake Group is a professional groundwater distributor and thermal energy solutions, provider. The Blake Group sells into the industrial, institutional, commercial, municipal, and residential markets. The Blake Group was founded in 1927 and is based in East Windsor, Connecticut.

Buy $27M

Seller(S) 1

SELLER

Cardinal Equity Partners

Indianapolis, Indiana, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Cardinal Equity Partners is a privately owned partnership that targets investments in lower middle-market businesses headquartered in the central portion of the US. Cardinal looks for light manufacturing, distribution, or service businesses with $5 to $50 million in revenue and at least $1 million of EBITDA. Prospective transaction situations include management buyouts, recapitalizations, family successions, and corporate spin-offs. Cardinal prefers businesses with proven management, recurring revenue, and no major customer concentration issues. Cardinal will not invest in software, heavy manufacturing, automotive, consulting, or companies with a significant percentage of non-US sales. Cardinal Equity Partners was formed in 1993 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 11 of 11
Sector (Beverages) 1 of 1
Type (Add-on Acquisition) 3 of 3
State (Indiana) 5 of 5
Country (United States) 11 of 11
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-20 Electric Sweeper Service Co.

Twinsburg, Ohio, United States

Essco is a value-added distributor of floor care products in the U.S. to specialty household distributors, e-commerce retailers, repair centers, and independent dealers nationwide. Essco was founded in 1924 and is based in Twinsburg, Ohio.

Sell -