Gardner Denver Acquires MP Pumps
December 13 2018 - 12:00PM
Business Wire
- Acquisition of MP Pumps will provide
further access to the specialty industrial pumps market and
leverage Gardner Denver’s distribution network, commercial,
operational and R&D capabilities
- Acquisition fits disciplined capital
allocation strategy of M&A in mission critical technologies
with strong aftermarket potential
Gardner Denver Holdings Inc. (NYSE: GDI), a leading global
provider of mission-critical flow control and compression
equipment, announced that it has acquired MP Pumps, Inc. for a net
purchase price of approximately $58 million funded by cash on hand.
Based in Fraser, Michigan, MP Pumps is a leading manufacturer of
specialty industrial pumps and associated aftermarket parts for use
in a variety of industrial end markets. MP Pumps will be part of
Gardner Denver’s Industrials Segment.
“MP Pumps complements and expands Gardner Denver’s existing
specialty industrial pump offering and provides increased access to
and expertise in the market,” said Vicente Reynal, Gardner Denver’s
CEO. “The acquisition of MP Pumps is another important step in our
strategy to drive ongoing profitable growth by leveraging core,
mission critical technologies in attractive end markets.”
“Lionheart Industrial Group is pleased to have owned MP Pumps
for the last decade and help guide its growth through strategic and
operational value improvement. We are excited for the future of the
company, and its employees, under the stewardship of Gardner
Denver,” said David S. Bovenizer, CEO of Lionheart. Greg Peabody,
President of MP Pumps, stated, “As part of Gardner Denver, we will
be able to leverage an expanded commercial and operational
footprint as we continue to deliver high quality products and
services to our customers.”
Forward Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934. These statements include, but are not limited
to, statements related to our expectations regarding the leadership
appointments discussed herein, the performance of our business, our
financial results, our liquidity and capital resources and other
non-historical statements. You can identify these forward-looking
statements by the use of words such as "outlook," "believes,"
"expects," "potential," "continues," "may," "will," "should,"
"could," "seeks," "projects," "predicts," "intends," "plans,"
"estimates," "anticipates" or the negative version of these words
or other comparable words. Such forward-looking statements are
subject to various risks and uncertainties, including macroeconomic
factors beyond the Company’s control, risks of doing business
outside the United States, the Company’s dependence on the level of
activity in the energy industry, potential governmental regulations
restricting the use of hydraulic fracturing, raw material costs and
availability, the risk of a loss or reduction of business with key
customers or consolidation or the vertical integration of the
Company’s customer base, loss of or disruption in the Company’s
distribution network, the risk that ongoing and expected
restructuring plans may not be as effective as the Company
anticipates, and the Company’s substantial indebtedness. Additional
factors that could cause Gardner Denver’s results to differ
materially from those described in the forward-looking statements
can be found under the section entitled "Risk Factors" in our
prospectus dated November 15, 2017, filed with the Securities and
Exchange Commission ("SEC") pursuant to Rule 424(b) of the
Securities Act on November 17, 2017, as such factors may be updated
from time to time in our periodic filings with the SEC, which are
accessible on the SEC's website at www.sec.gov. Accordingly, there
are or will be important factors that could cause actual outcomes
or results to differ materially from those indicated in these
statements. These factors should not be construed as exhaustive and
should be read in conjunction with the other cautionary statements
that are included in this release and in our filings with the SEC.
We undertake no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law.
About Gardner Denver
Gardner Denver (NYSE: GDI) is a leading global provider of
mission-critical flow control and compression equipment and
associated aftermarket parts, consumables and services, which it
sells across multiple attractive end-markets within the industrial,
energy and medical industries. Its broad and complete range of
compressor, pump, vacuum and blower products and services, along
with its application expertise and over 155 years of engineering
heritage, allows Gardner Denver to provide differentiated product
and service offerings for its customers' specific uses. Gardner
Denver supports its customers through its global geographic
footprint of 39 key manufacturing facilities, more than 30
complementary service and repair centers across six continents, and
approximately 6,700 employees world-wide.
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Gardner Denver Holdings, Inc.Media & Investor Relations
ContactVikram Kini(414) 212-4753vikram.kini@gardnerdenver.com
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