Franklin Electric Acquires U.S. Groundwater Distribution Company
Fort Wayne, IN – January 4, 2021 - Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that on December 31, 2020 it acquired Gicon Pumps & Equipment Inc. of Lubbock, Texas for $27.9 million in a cash transaction. Gicon is a professional groundwater distributor operating seven locations in the state of Texas. Gicon has approximately $68 million of consolidated annual sales.
DeLancey Davis, President of Headwater Companies, the wholly owned Distribution Segment of Franklin Electric, commented:
“We are pleased to add Gicon to the Headwater family. The team at Gicon has served the pump industry and related water resource markets for over 40 years and has an outstanding reputation within the industry for quality service and technical depth. The acquisition of Gicon adds to Headwater’s commitment to the critical groundwater markets, provides geographic expansion in the Texas market and further fulfills our objective of being the leading source for water systems solutions distribution in the U.S.”
Headwater Companies, LLC is a collection of leading groundwater distributors. Headwater is a focused groundwater distribution organization that delivers quality products and leading brands to the industry, providing contractors with the availability and service they demand to meet their application challenges. Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.