Watts Water Technologies To Acquire Bradley Corp. For $303 Mln

(RTTNews) - Watts Water Technologies Inc. (WTS) said that it agreed to acquire Bradley Corp. for $303 million. The net transaction value is about $268 million after adjusting for the estimated net present value of expected tax benefits of about $35 million. The transaction will be funded through cash on hand and the remainder from Watts' existing revolving credit facility.

The transaction is expected to be modestly accretive to adjusted earnings per share in 2024 due to incremental interest expense and normal purchase accounting adjustments.

The transaction is expected to close in the fourth quarter of 2023.

Bradley is a provider and manufacturer of commercial washroom and emergency safety products serving commercial and industrial end markets for over 100 years. The company offers a comprehensive product portfolio that includes plumbing fixtures, washroom accessories and emergency safety products to a diverse customer base. Bradley has annual net sales of approximately $200 million.