M&A Deal Summary

AO Smith Acquires Leonard Valve

On November 12, 2025, AO Smith acquired building materials company Leonard Valve from Bessemer Investors for 470M USD

Acquisition Highlights
  • This is AO Smith’s 1st transaction in the Building Materials sector.
  • This is AO Smith’s largest (disclosed) transaction.
  • This is AO Smith’s 11th transaction in the United States.
  • This is AO Smith’s 1st transaction in Rhode Island.

M&A Deal Summary

Date 2025-11-12
Target Leonard Valve
Sector Building Materials
Buyer(s) AO Smith
Sellers(s) Bessemer Investors
Deal Type Add-on Acquisition
Deal Value 470M USD

Target

Leonard Valve

Cranston, Rhode Island, United States
Leonard Valve is a specialist manufacturer of water temperature-control valves and related systems. It focused on designing and producing thermostatic and digital mixing valves, master mixing systems, emergency eyewash/drench-shower safety valves, and hose assemblies, all aimed at providing safe, tempered water in commercial, institutional, and industrial applications. Leonard Valve was formed in 1913 and is based in Cranston, Rhode Island.

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Buyer(S) 1

Buyer

AO Smith

Milwaukee, Wisconsin, United States

Category Company
Founded 1874
Sector Manufacturing
Employees12,700
Revenue 3.8B USD (2024)
DESCRIPTION
Entrance to AO Smith's corporate headquarters in Milwaukee, Wisconsin.
Entrance to AO Smith's corporate headquarters in Milwaukee, Wisconsin.

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 was incorporated in 1874 and is based in Milwaukee, Wisconsin.


DEAL STATS #
Overall 15 of 15
Sector: Building Materials M&A 1 of 1
Type: Add-on Acquisition M&A Deals 12 of 12
State: Rhode Island M&A 1 of 1
Country: United States M&A 11 of 11
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-15 Pureit

Mumbai, India

Pureit offers a broad range of residential water purification solutions. Pureit is based in Mumbai, India.

Buy $120M

Seller(S) 1

SELLER
DESCRIPTION

Bessemer Investors is a private investment firm focused on minority or majority investments in established US-based companies valued between $75 and $500 million. The Firm looks to commit $50 to $150 million in profitable businesses with $5 to $50 million of EBITDA. Sectors of interest include aerospace, defense, building products, industrial equipment, packaging, plastics, business services, consumer products/services, testing, insurance, and value-added distribution. The Firm will consider a variety of investment situations including growth capital financings, buyouts, consolidations, take privates, and divestitures. Bessemer Investors is headquartered in New York, New York.


DEAL STATS #
Overall 2 of 2
Sector: Building Materials M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Rhode Island M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-02 W Services Group

Hauppauge, New York, United States

W Services Group is a provider of vendor-managed facility maintenance services, including cleaning, site refresh and remodel, and emergency response services. The company serves blue-chip customers across sites in retail, automotive, grocery, foodservice, distribution, and other multi-site end markets. W Services Group was founded in 2009 and is based in Hauppauge, New York.

Buy -