Gorman-Rupp to acquire Fill-Rite and Sotera business from Tuthill for $525m
The Gorman-Rupp Company, a US-based provider of pumps and pump systems, has agreed to acquire the assets of Fill-Rite and Sotera, a business unit of the Tuthill Corporation, for $525 million.
After taking into account, expected tax benefits of around $80 million, the net transaction value is around $445 million.
Fill-Rite and Sotera is a manufacturer of pumps and meters. It has facilities in Fort Wayne in Indiana and Lenexa in Kansas.
The Tuthill unit manufactures rugged, liquid transfer pumps and a line of mechanical and digital meters, measuring meters, precision weights, hand pumps, nozzles, hoses, and accessories. For the 12 months ended 31 March 2022, Fill-Rite and Sotera earned revenue of nearly $140 million.
Gorman-Rupp to acquire Fill-Rite and Sotera pumps and meters business from Tuthill for $525m. Photo courtesy of OHWiki/Wikipedia.org.
Jay Tuthill — Chairman of Tuthill Corporation said: “I first learned about Gorman-Rupp when I was in high school.
“That was the Summer of 1969 and I was being given a crash course on ‘Who’s Who in the Pump Business’. Now, more than half a century later, I am thrilled to see Tuthill’s Fill-Rite business moving into the Gorman-Rupp orbit.”
Gorman-Rupp said that the addition of Fill-Rite and Sotera will benefit it and its shareholders in extending product portfolio and in expanding applications and end markets served.
Scott King — President and CEO of Gorman-Rupp said: “We are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its outstanding team of employees to the Gorman-Rupp family.
“Altogether, with our combined capabilities, we expect our revenues to reach over $500 million annually—a significant milestone. In addition to the natural product adjacencies between Gorman-Rupp and Fill-Rite, we truly believe that the two companies are culturally aligned.
“We look forward to working with the Fill-Rite team to continue to drive shareholder value and to execute on our strategic business plan.”
The deal, which is subject to regulatory approvals and other conditions, is expected to be wrapped up in Q2 2022.