Dallas-based CSW Industrials Inc. has acquired PF Waterworks LP in a deal valued at $40 million, which was funded with cash on hand.
Joseph B. Armes, chairman, president, and CEO of CSW Industrials, called the deal “a synergistic acquisition within our existing plumbing end market, where we have opportunity for expansion.”
“The addition of these new products to our portfolio expands our offering of innovative plumbing products and further fuels the opportunity for additional inorganic growth and market share gains,” Armes added in a statement.
CSW said this acquisition in its contractor solutions segment represents its commitment to allocate capital on a risk-adjusted returns basis for innovative products that add vitality to its portfolio of products.
“We’re thrilled to bring the PF Waterworks team to the CSWI family,” Jeff Underwood, SVP of CSWI and general manager, contractor solutions, said in a statement. “I’ve known the company and owner for a number of years and watched PF Waterworks grow into a sizeable supplier to a number of shared customers based on product innovation and service, which are core values at CSWI.”
CSW said that PF Waterworks develops and manufactures revolutionary, problem-solving plumbing products targeting “Clean and Green” for both residential and commercial applications. The advanced, proven technology used in these products is certified for public health and safety and provides dependable performance that promotes self-sufficiency and makes life easier for homeowners, contractors, property managers, and builders, the company said.
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R E A D N E X T
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The acquisition brings a family of superior surge protection and load management products to CSWI, the company said, adding that it funded the transaction with cash on hand and borrowings under its existing $500 million revolving credit facility.
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