Franklin Electric Completes Acquisition of New Aqua, LLC

Fort Wayne, IN – May 17, 2021 - Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has acquired New Aqua, LLC and its wholly owned subsidiaries, headquartered in Indianapolis, Indiana in an all-cash transaction valued at $150 million, subject to customary adjustments. The transaction is expected to be accretive to earnings per share (EPS) in 2021 in the range of $0.04 to $0.06 per share. As a result, the Company has revised its full year 2021 earnings per share before restructuring expenses guidance to be in the range from $2.85 to $3.05.

New Aqua is a market leading water treatment business with more than 60 years of proven market success driven by more than 230 employees and 590 independent water quality dealers within the United States. The business currently operates under the brand names Aqua Systems and Hellenbrand to manufacture and provide services for a complete line of residential and commercial water treatment and drinking water equipment. New Aqua’s consolidated annual sales in 2020 were approximately $68 million, with EBITDA (a) margins of about 17 percent.

(a) EBITDA is Earnings before Interest, Taxes, Depreciation and Amortization adjusted for one-time items.

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