01/03/2018 | Press release | Distributed by Public on 01/03/2018 15:36
Fort Wayne, IN -January 3, 2018 - Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has acquired Valley Farms Supply, Inc. of Lansing, Michigan for $9.0 million. Valley Farms is a professional groundwater distributor operating three locations in the State of Michigan and one in the State of Indiana. Valley Farms has approximately $28.0 million of consolidated annual sales.
DeLancey Davis, President of Headwater Companies, the wholly owned Distribution Segment of Franklin Electric, commented:
'We are pleased to add Valley Farms to the Headwater family. The team at Valley Farms has built the largest groundwater distribution entity in Michigan by providing contractors with outstanding service and support. Valley Farms gives Headwater a leading market position in the important Michigan groundwater market and further fulfills our objective of being the leading source in groundwater systems distribution in the U.S.'
Headwater Companies, LLC is a collection of leading groundwater distributors. This collective and vested group ensures a focused groundwater distribution organization that delivers quality products and leading brands to the industry, providing contractors with the availability and service they demand to meet their application challenges.
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications