The Gorman-Rupp Co has entered into a definitive agreement to acquire the assets of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite provides liquid transfer pumps as well as a line of mechanical and digital meters, precision weights and measures, certified meters, hand pumps, hoses, nozzles and accessories.
With facilities in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual revenue of approximately US$140 million.
The Fill-Rite and Sotera brands strategically expand Gorman-Rupp’s position in agriculture, construction and recreation markets.
“We are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its outstanding team of employees to the Gorman-Rupp family,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our combined capabilities, we expect our revenues to reach over US$500 million annually – a significant milestone.”
“I first learned about Gorman-Rupp when I was in high school,” said Jay Tuthill, chairman of Tuthill Corp. “That was the summer of 1969 and I was being given a crash course on ‘Who’s Who in the Pump Business’. Now, more than half a century later, I am thrilled to see Tuthill’s Fill-Rite business moving into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition criteria focused on pumps and pumping solutions.
“We are pleased to have found a partner that represents an excellent strategic fit for both companies, bringing together two pioneering flow control businesses with over 150 years of combined experience operating as market-leaders,” said Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “This exceptional opportunity fits well into Gorman-Rupp’s overall strategic plan to find well-suited opportunities for expansion and innovation.”
Fill-Rite’s management team will continue to lead the business as a new division of Gorman-Rupp.
