AERCO International Confirms Acquisition by Watts Water Technologies (WTS)
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AERCO International, Inc., portfolio entity of The Riverside Company, today announced that they are being acquired by Watts Water Technologies, Inc. (NYSE: WTS). The acquisition of AERCO is expected to close before the end of this year. The consummation of the acquisition is subject to customary closing conditions.
AERCO is a leading manufacturer of a wide range of high-efficiency commercial boilers and water heaters. Its innovation and ability to work directly with end-users to understand project-specific requirements separate it from its competition. The company is based in Blauvelt, New York and its products are distributed primarily in North America for the commercial markets. During Riverside's ownership period since 2007, AERCO opened a state-of-the-art manufacturing facility and R&D lab, launched an innovative line of tankless water heaters, broadened its boiler product line, and revamped its sales and marketing approach and go-to-market strategy. "It's been wonderful to work with the Riverside team. They provided resources and support that allowed us to thrive and positioned us for continued success. AERCO is in a very strong position with a bright future," said AERCO Chief Executive Officer Ervin Cash.
Watts Water Technologies, Inc., through its subsidiaries, is a world leader in the manufacture of innovative products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications. Watts' expertise in a wide variety of water technologies enables them to be a comprehensive supplier to the water industry. Robert J. Pagano Jr., Chief Executive Officer, commented, "Acquiring AERCO will allow us to expand our product breadth to the strategically important adjacency of heat and hot water offerings. AERCO is a recognized leader in the fast growing market for high efficiency boilers and hot water heaters, with solid operating margins and attractive opportunities to continue its strong growth. AERCO's products complement our existing portfolio, strengthening our ability to provide a total solution for our customers. With our existing international footprint, we also anticipate expanding AERCO's worldwide presence."
"AERCO shares Watts' commitment to growth for all of its customers and partners, and this acquisition joins two great companies that share a similar set of values and a strategic vision," said AERCO Chief Executive Officer Ervin Cash. "We are impressed with the strength of the Watts management team and look forward to working with them to capture the opportunities ahead of us. This partnership will allow both companies to offer our customers complete solutions, and allows AERCO even greater opportunities for growth. Together, we create a balanced portfolio of products and services that can be tailored to best serve the evolving needs of our global customers."
Watts Water Technologies, Inc. has indicated that AERCO is a platform acquisition and will continue their current operation out of Blauvelt, NY. Utilizing AERCO's manufacturing facility with substantial capacity for growth, Watts sees expansion opportunities that will strengthen AERCO's solutions and system offerings.
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