PVI Industries LLC, a leading manufacturer of commercial water heating equipment based in Fort Worth, has been acquired by North Andover, Massachusetts-based-Watts Water Technologies Inc. for approximately $78 million.
Watts, which trades on the NYSE under the WTS symbol, announced its third quarter results on Nov. 2, at the same time announcing the acquisition. Watts designs, manufactures, and sells products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets.
PVI’s water heater product offering complements AERCO’s boiler products, allowing Watts to comprehensively address our commercial customers’ heating and hot water requirements, according to a Watts news release. PVI annual sales approximate $50 million, according to the release.
PVI Industries began building commercial, institutional, and industrial water heaters in 1961, according to the company’s website. It has since become one of the leading suppliers of engineer-specified plumbing and heating equipment for new construction and building retrofits. There are now more than 130,000 PVI installations worldwide, according to the company.
“We are excited about adding PVI to our portfolio,” said Watts CEO Robert J. Pagano Jr. “PVI is a market leader in high capacity commercial water heaters and complements AERCO’s position in high efficiency boilers. Like AERCO [another Watts company], PVI is focused on differentiated product design for project specific customer applications.”
The acquisition was effective Nov. 2.