World water expertise firm A. O. Smith Company (the “Firm” or “A. O. Smith”) (NYSE: AOS) introduced at this time that it has accomplished the acquisition of LVC Holdco LLC (“Leonard Valve”) for $470 million, topic to customary changes. The all-cash transaction is valued at roughly $412 million after adjusting for estimated tax advantages and was funded with money borrowed beneath a brand new credit score settlement.

“This acquisition expands our presence within the water administration market, enhances our digital experience and broadens our built-in product providing with industrial and institutional prospects,” mentioned Steve Shafer, chief govt officer of A. O. Smith. “We’re proud to welcome the Leonard Valve staff into the A. O. Smith household. Each corporations share a dedication to innovation, integrity and distinctive customer support.”

Based in 1911 and headquartered in Cranston, Rhode Island, Leonard Valve designs and manufactures water temperature management valves, digital and thermostatic mixing techniques, and associated monitoring gadgets utilized in hospitals, faculties, universities, industrial amenities and different institutional and industrial settings. Along with its Warmth-Timer model of superior boiler controls, Leonard Valve helps prospects guarantee protected, exact and environment friendly management of water temperature and hydronic heating in demanding environments.

“We’re excited to hitch A. O. Smith,” mentioned David Brakenwagen, president of Leonard Valve. “Collectively, we are able to proceed to additional spend money on our individuals and expertise, improve our digital and thermostatic mixing options, broaden our boiler management choices, and ship much more built-in options to our prospects.”

BofA Securities served as unique monetary advisor, and Foley & Lardner LLP served as authorized advisor, to A. O. Smith Company.

For extra info, go to www.aosmith.com.