Little Giant Pump Co. President Norman Heidebrecht announced that the company has been acquired by Franklin Electric Co., Inc., headquartered in Bluffton, Ind.
Little Giant is the leading provider of commercial and consumer water transfer solutions. Franklin Electric is the world’s largest manufacturer of submersible electric motors and a global supplier of water and fuel pumping systems.
Franklin Electric acquired Little Giant in a stock purchase transaction with Tecumseh Products Co., Tecumseh, Mich., of which Little Giant was a wholly owned subsidiary for more than 20 years. The purchase price of $121 million excluded associated tax benefits and transaction costs and was subject to certain adjustments at closing. After taking tax benefits into account, the purchase price was approximately one times Little Giant’s 2005 fiscal year sales.
“We are very enthusiastic about the synergism this acquisition brings to the forefront,” Heidebrecht said. “Little Giant manufactures and markets a diverse line of centrifugal pumps and related products for various applications, including sump, sewage, condensate and water gardening. This acquisition will provide great opportunities to enhance current product offerings by uniting both companies’ marketing and technical expertise.”
Heidebrecht continued, “Our efforts are focused toward a seamless transition, while maintaining unsurpassed quality and delivery along with world-class customer service. We look forward to an exciting future of mutually beneficial growth and continued success.”
R. Scott Trumbull, chairman and CEO of Franklin Electric, stated, “The acquisition of Little Giant Pump Co. solidifies Franklin Electric’s position as a global supplier of pumping equipment for residential and commercial markets. Little Giant’s product lines—sump, sewage, effluent, condensate and industrial submersible pumps—will complement and broaden Franklin Electric’s overall pump offering and allow us to expand our customer base.”
Todd Herrick, CEO of Tecumseh Products, said, “Little Giant has been highly successful during Tecumseh Products Co.’s ownership, having grown from $10 million in sales to over $100 million. As the pump industry consolidates, the combination with Franklin Electric will provide additional opportunities for the operation to grow and flourish.”
Source: Little Giant Pump Co.
