M&A Deal Summary

Franklin Electric Acquires Aqua Systems

On May 17, 2021, Franklin Electric acquired beverage company Aqua Systems 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 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 Aqua Systems
Sector Beverages
Buyer(s) Franklin Electric
Sellers(s) Cardinal Equity Partners
Deal Type Add-on Acquisition
Deal Value 150M USD

Target

Aqua Systems

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

Fort Wayne, Indiana, United States

website

Category Company
Founded 1944
Sector Electrical Equipment
Employees6,500
Revenue 2.0B USD (2022)
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

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 The Blake Group

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
Size Middle-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 12 of 13
Sector (Beverages) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Indiana) 5 of 6
Country (United States) 12 of 13
Year (2021) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-01 Motion Tech

Oakdale, Minnesota, United States

Motion Tech is a distributor and custom solutions provider of precision motion control (“PMC”) components and assemblies, serving OEMs and industrial companies in the packaging, medical, factory automation, semiconductor, and aerospace/defense markets. Motion Tech was founded in 1987 and is headquartered in Oakdale, Minnesota.

Sell $33M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-07 Red Apple Cheese

Barron, Wisconsin, United States

Red Apple Cheese is an omni-channel market leader in smoked, flavored, and kosher all-natural cheese. With roots in both Wisconsin’s dairyland and New England, Heartisan brings time-honored cheesemaking traditions to each piece of cheese using decades of family experience. Red Apple utilizes a slow, meticulous, cold-smoking process with specially aged apple pulp and hardwood to create the perfect cheese. Red Apple Cheese was founded in 1991 and is based in Barron, Wisconsin.

Buy -
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