Pentair PLC has completed its transaction to acquire Welbilt, Inc.’s Manitowoc Ice, based in Wisconsin.
“Manitowoc Ice is a great business and an iconic brand, and we are excited to welcome its team members to Pentair as we work together to deliver smart, sustainable water solutions to customers around the world,” said John Stauch, Pentair President and CEO. “This strategic acquisition allows us to enhance and deliver our total water management offerings to an expanded network of channel partners and customers, further establishing Pentair as a leader in a vast and growing industry.”
J.P. Morgan Securities LLC contributed to the transaction as financial advisor to Pentair, and Faegre Drinker Biddle & Reath LLP served as legal counsel. The transaction is subjected to customary adjustments.
With a business empire of 800 team members, Manitowoc Ice has developed 200 models of commercial ice machines and installed approximately 1 million units worldwide.
Through this acquisition, valued at $1.6 billion, Pentair hopes to benefit from Manitowoc Ice’s international presence and expand its end-to-end water filtration and ice solution offerings, aimed at food service clients.