Graco Buys U.K.-Based Valve Maker For Roughly $90.8M
Minneapolis-based Graco, Inc., a fluid systems manufacturer, said Wednesday that it had acquired United Kingdom-based Alco Valves Group for £72 million, or roughly $90.8 million.
Alco makes high-pressure valves for customers in the oil and natural gas industry. It operates two manufacturing plants in the U.K. and has warehousing and sales operations in Texas, Toronto, and Singapore. Graco said Alco would keep its manufacturing and engineering base in the United Kingdom.
Alco had about £19 million in revenue, or roughly $24 million, in its most recent 12-month trading period.
Graco is one of Minnesota’s 35 largest public companies, with $1.1 billion in revenue for 2013. In July, it said it hit a quarterly record for both sales and earnings. Sales increased 13 percent to $322.5 million, while profits climbed 15 percent to $66.2 million.
Earlier this year, the company completed acquisitions of two businesses that had combined revenue of about $30 million: Dexter, Michigan-based QED Environment Systems, and Chesapeake, Virginia-based EcoQuip.