Global water technology company A. O. Smith Corporation (the “Company” or “A. O. Smith”) (NYSE: AOS) announced today that it has completed the acquisition of LVC Holdco LLC (“Leonard Valve”) for $470 million, subject to customary adjustments. The all-cash transaction is valued at approximately $412 million after adjusting for estimated tax benefits and was funded with cash borrowed under a new credit agreement.
“This acquisition expands our presence in the water management market, enhances our digital expertise and broadens our integrated product offering with commercial and institutional
customers,” said Steve Shafer, chief executive officer of A. O. Smith. “We are proud to welcome the Leonard Valve team into the A. O. Smith family. Both companies share a commitment to innovation,
integrity and exceptional customer service.”
Founded in 1911 and headquartered in Cranston, Rhode Island, Leonard Valve designs and manufactures water temperature control valves, digital and thermostatic mixing systems, and related monitoring devices used in hospitals, schools, universities, industrial facilities and other institutional and commercial settings. Together with its Heat-Timer brand of advanced boiler controls, Leonard Valve helps customers ensure safe, precise and efficient control of water temperature and hydronic heating in demanding environments.
“We are excited to join A. O. Smith,” said David Brakenwagen, president of Leonard Valve. “Together, we can continue to further invest in our people and technology, enhance our digital and
thermostatic mixing solutions, expand our boiler control offerings, and deliver even more integrated solutions to our customers.”
BofA Securities served as exclusive financial advisor, and Foley & Lardner LLP served as lega advisor, to A. O. Smith Corporation.
About A. O. Smith
A. O. Smith Corporation, with headquarters in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed
worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the Company is one of the world’s leading manufacturers of residential and commercial water heating equipment and boilers, as well
as a manufacturer of water treatment products.
For more information, visit www.aosmith.com.
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