Pentair Completes Transaction to Acquire Assets of Ken’s Beverage, Inc.

Rhea-AI Summary

Pentair plc (NYSE:PNR) has successfully completed its acquisition of Ken’s Beverage, Inc. (KBI) for approximately $80 million in cash. KBI, with over 30 branches and 300 technicians, specializes in beverage equipment and services for commercial clients. This acquisition aligns with Pentair's strategy to expand its offerings in water treatment solutions, enhancing service capabilities and growth opportunities in the commercial sector. The move is expected to strengthen Pentair’s leadership in providing sustainable solutions for essential resources.

Positive

• Acquisition of KBI expands Pentair's product and service offerings in the commercial sector.
• Expected growth opportunities from enhanced service capabilities post-acquisition.
• Addition of KBI aligns with Pentair's vision to lead in water treatment solutions.

Negative

• None.

Pentair plc (NYSE:PNR), a leading provider of water treatment and sustainable solutions, today announced that it completed the previously announced transaction to acquire the assets of Ken’s Beverage, Inc. (KBI), for approximately $80 million in cash, subject to customary adjustments. For over 35 years, and operating with 30 branches and over 300 trained technicians, KBI has provided beverage equipment and services to commercial customers.

“We are excited about the addition of KBI and the new growth opportunities it brings as we advance our strategy to provide a full suite of products and services for commercial customers,” said Mario D’Ovidio, Executive Vice President and President, Pentair Consumer Solutions. “This acquisition further realizes our vision to be the leading provider of residential and commercial water treatment solutions, delivering smart, sustainable solutions that empower customers to make the most of life’s essential resources.”

“We are pleased to become a part of Pentair,” said Ken Reimer, founder of KBI and Commercial Services Business Development Leader for Pentair Water Treatment Services. “With our shared commitment to delivering exceptional beverage services and solutions to our customers, I am personally looking forward to continuing to grow the service capability as part of the Pentair team.”

ABOUT PENTAIR PLC

Pentair makes the most of life’s essential resources. From our residential and business solutions that help people move, improve and enjoy their water, to our sustainable innovations and applications, we deliver smart, sustainable solutions for life.

Pentair had revenue in 2020 of $3 billion, and trades under the ticker symbol PNR. With approximately 9,750 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit pentair.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210519005890/en/

FAQ

What is the value of Pentair's acquisition of Ken’s Beverage, Inc.?

Pentair acquired Ken’s Beverage, Inc. for approximately $80 million in cash.

How does the acquisition of KBI benefit Pentair?

The acquisition enhances Pentair's service capabilities and expands its offerings in commercial water treatment solutions.

What impact does the KBI acquisition have on Pentair's revenue?

While specific revenue impacts are not disclosed, the acquisition is expected to create new growth opportunities.

How many branches does Ken's Beverage operate?

Ken's Beverage operates over 30 branches.