Franklin Electric Acquires Cat Pumps

Cat Pumps, based in Minneapolis with global operations, is a market leader in high-pressure plunger and piston pumps serving commercial and industrial applications. The company generated approximately $115 million in revenue and $45 million in Adjusted EBITDA¹ in 2025, with industry-leading margins and a high proportion of recurring aftermarket parts and accessories revenue.​

“This acquisition accelerates our strategy to build a broader, more resilient flow control company,” said Joe Ruzynski, Chief Executive Officer of Franklin Electric. “Cat Pumps brings a premium brand with exceptional customer loyalty, proprietary technology, and deep expertise in demanding commercial and industrial applications. Combined with Franklin’s commercial capabilities, global footprint, and systems expertise, we see meaningful opportunities to expand the business and better serve customers across our combined markets.”​

Key Strategic and Financial Benefits of the Transaction

• Strengthens Franklin Electric’s position in attractive, high-growth commercial and industrial end markets across mission-critical applications: Cat Pumps’ portfolio of leading high-pressure solutions will strengthen Franklin Electric’s presence across growing end markets, including energy, hydro excavation, industrial cleaning, reverse osmosis and water treatment, vehicle cleaning, and water misting. The sustained demand for these mission-critical solutions is supported by secular trends, advancing Franklin Electric’s strategic priorities and establishing a highly attractive and resilient growth engine.
• Broadens Franklin Electric’s commercial and industrial flow platform with a comprehensive suite of complementary solutions: The transaction strengthens Franklin Electric’s industrial platform by adding a complementary product line and expands Franklin Electric’s addressable market by $1+ billion, while maintaining the company’s focus on high-quality, customer focused, high-margin businesses. ​
• Expands large and growing installed base and broadens Franklin Electric’s access to durable aftermarket revenue streams: The acquisition provides a stream of stable, recurring and high-margin aftermarket and accessory revenue.
• Supports strategy of long-term profitable growth: The acquisition is expected to be accretive in the first full year of Franklin Electric's ownership. The transaction is expected to support Franklin Electric’s long-term margin and return objectives. Franklin Electric expects to leverage its international distribution network to expand Cat Pumps' presence in select industrial and infrastructure markets outside North America.​
• Maintains strong financial position and flexibility to execute balanced capital allocation priorities: Franklin Electric expects to have a net leverage ratio¹ of approximately 1.5x following the close of the transaction. Franklin Electric’s strong balance sheet and robust cash flows will create flexibility to continue to invest in key growth initiatives, while maintaining its strong track record of shareholder returns, including 34+ years of dividend growth.

Ruzynski added: “I am excited to welcome the Cat Pumps team to Franklin Electric. They have built an outstanding reputation for reliability and technical performance. Our teams share a strong customer-first culture, and we are excited to bring Franklin Electric’s market development, systems capabilities, and channel strength to help accelerate growth in both existing and adjacent applications where customers demand quality, innovation and service. ”​

Transaction Details

The acquisition was completed on September 4, 2026. Franklin Electric funded the transaction with a combination of available cash and borrowings under its existing credit facilities. Cat Pumps will be reported as part of Franklin Electric’s Energy Systems segment and will continue to go to market under the Cat Pumps brand.

Advisors

Rothschild & Co served as financial advisor to Franklin Electric, and Taft Stettinius & Hollister LLP and Bird & Bird served as its legal advisors. Houlihan Lokey served as financial advisor to Cat Pumps, and Glaser Weil Fink Howard Jordan & Shapiro LLP as its legal advisor.​

¹ _{Non-GAAP measures used above: 1) “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization expense, adjusted to exclude restructuring and realignment costs, special charges and tax-related special items, as applicable; 2) “EBITDA margin” is defined as Adjusted EBITDA divided by revenue; 3) “Adjusted Earnings Per Share” is defined as diluted earnings per share, adjusted to exclude restructuring and realignment costs, amortization of acquired intangible assets, gain or loss from sale of businesses, special charges and tax-related special items, as applicable; 4) “Net Leverage Ratio” is defined as total debt less cash and cash equivalents divided by Adjusted EBITDA.}