Hillenbrand acquires Abel Pumps
Hillenbrand has entered into a definitive agreement to acquire Abel Pumps and certain of its affiliates (Abel) from Roper Technologies for €95 million in cash.
The transaction is expected to close within a month, subject to regulatory approval and customary closing conditions.
Based in Buchen, Germany, Abel is a globally-recognised manufacturer of diaphragm pumps.
The company specialises in designing, developing and manufacturing piston diaphragm and piston pumps as well as pumping solutions and in providing related parts and service.
Abel's equipment is sold primarily into the power generation, wastewater treatment, mining, general industry, oil and gas, and marine markets.
Abel's revenue during the 12-month period until the end of July 2015 was approximately €30 million, and earnings before interest, taxes, depreciation, and amortization (EBITDA) was approximately €8 million.
Hillenbrand expects to use cash on hand and cash available under its revolving credit facility to fund the acquisition.
The transaction is expected to be accretive to Hillenbrand's earnings per share beginning in the first year, net of acquisition costs.