Watts Water Technologies acquires majority shares in Apex Valves

US-based water solution provider Watts Water Technologies has acquired 80% of the shares of Apex Valves for around $22m.

Apex is a New Zealand-based company, which designs and manufactures control valves for low and high pressure hot water and filtration systems. The firm also manufactures an extensive range of float and reservoir valves for the agricultural industry.

Watts Water Technologies intends to acquire the remaining 20% stake in Apex within three years of the closing of transaction.

Final purchase price for the deal is subject to net working capital adjustment, Watts said.

By the end of last year, Watts had taken over the business of AERCO International for $264.5m.

AERCO, a subsidiary under American equity firm Riverside Company, supplied commercial boilers and water heating equipment to the HVAC / plumbing industry.

Watts CEO Robert J. Pagano Jr had said: "Acquiring AERCO will allow us to expand our product breadth to the strategically important adjacency of heat and hot water offerings.

"AERCO is a recognised leader in the fast-growing market for high-efficiency boilers and hot water heaters, with solid operating margins and attractive opportunities to continue its strong growth."

In 2011, Watts had acquired Denmark-based Danfoss Group’s Danfoss Socla and related water controls business assets for $175m.

Watts Water Technologies operates through its family of companies and brands worldwide. The firm delivers plumbing, heating, and water quality solutions for residential, commercial, and industrial usage.