Gorman-Rupp Completes Acquisition of Fill-Rite
Image source: The Gorman-Rupp Company
When adjusted for approximately $80 million in expected tax benefits, the net transaction value is approximately $445 million. Gorman-Rupp funded the transaction with cash-on-hand and new debt. The new debt includes a $350 million term loan and an unsecured subordinated term loan of $90 million. In addition, the Company also entered into a $100 million revolving credit facility.
With facilities in Fort Wayne, Indiana and Lenexa, Kansas, the Fill-Rite and Sotera brands carry strong legacies associated with superior products and hold leadership positions in attractive niche pump markets. Fill-Rite provides rugged, high-performance liquid transfer pumps as well as a comprehensive line of mechanical and digital meters, precision weights and measures certified meters, hand pumps, hoses, nozzles, and accessories.
Scott King, President and Chief Executive Officer of Gorman-Rupp said “We are excited to welcome Fill-Rite and its outstanding team of employees to the Gorman-Rupp family. The closing of this transaction is the first step to realizing the great benefits of bringing together two pioneering flow control businesses with over 150 years of combined industry experience. I want to thank the teams at Gorman-Rupp, Fill-Rite, and Tuthill, for their incredible efforts to get us to closing today and helping to ensure a smooth, effective transition as we integrate Fill-Rite with Gorman-Rupp.”
Source: The Gorman-Rupp Company