London-based Pentair plc (NYSE:PNR), a leading provider of water treatment and sustainable solutions, said it has entered into a definitive agreement to acquire assets of Ken’s Beverage Inc. (KBI).
In business for more than 35 years, KBI provides beverage equipment and installation, preventive maintenance, project deployment and water filtration systems for restaurants, convenience stores and foodservice companies. Its main office is located in Montgomery, IL.
“The planned addition of KBI advances our strategy to provide a full suite of services for commercial customers and supports Pentair’s vision to be a leading residential and commercial water treatment company,” said Pentair Consumer Solutions president Mario D’Ovidio.
Total consideration for the transaction is approximately $80 million in cash, Pentair said. The transaction is anticipated to be completed in the second quarter of 2021, subject to customary closing conditions.
Pentair is a diversified industrial manufacturing company engaged in water quality and flow-and-filtration systems. In 2020, the company reported revenue of $3 billion. It employs almost 10,000 people and is active in 150 countries.
