Pioneer Pump Solutions Acquires Performance Pump and Equipment Limited
Pioneer Pump Solution, a subsidiary of Franklin Electric Co. and UK-based national specialist pump hire business, recently completed its acquisition of Performance Pump and Equipment Company Limited of Stowmarket, Suffolk, UK. Franklin Electric will pay £1.5 million in an all cash transaction.
Performance Pump is a pump rental company that provides products for mining, municipal, dewatering, and industrial applications using tailored pump solutions from 2” to 12” bore configurations. The company operates depots in Wigan, Somerset, and Petersfield, UK and reported calendar year 2012 sales of approximately £1.5 million.
Parent company Franklin Electric believes Performance Pump will be accretive to 2014 earnings per share and provides additional assets, customer relationships and market knowledge that bolster the Pioneer Pump Solutions operation in the UK region.
"Pioneer Pump Solutions is committed to providing 24/7 pump hire and support to our growing list of customers in the UK,” says Dennis Mitchell, Chairman of Pioneer Pump Solutions. “The addition of Performance Pump gives us a broader geographical base to service the needs of our customers. We look forward to helping customers throughout the UK achieve the cost savings and reduced carbon emissions that our products provide."
Pioneer Pump provides products to the mining, construction and utilities markets, with locations in Ipswich, Nottingham and Cardiff.
Source: Franklin Electric