Franklin Electric Acquires U.S. Groundwater Distribution Company
Fort Wayne, IN – January 2, 2019 - Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has acquired Milan Supply Company of Mt. Pleasant, Michigan for $5.9 million. Milan is a professional groundwater distributor operating six locations in the State of Michigan. Milan has approximately $22 million of consolidated annual sales.
DeLancey Davis, President of Headwater Companies, the wholly owned Distribution Segment of Franklin Electric, commented:
“We are pleased to add Milan Supply to the Headwater family. The team at Milan has served the pump industry and related water resource markets for over 50 years and has an outstanding reputation with their customers for technical capability and service. The acquisition of Milan adds to Headwater’s commitment to the important Michigan groundwater market and further fulfills our objective of being the leading source in groundwater systems distribution in the U.S.”
Headwater Companies, LLC is a collection of leading groundwater distributors. This collective and vested group ensures a focused groundwater distribution organization that delivers quality products and leading brands to the industry, providing contractors with the availability and service they demand to meet their application challenges.
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
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