Trillium Flow Technologies has agreed to sell its U.S. pumps business, which has a facility in Fresno, to Crane Co. for approximately $240 million, according to a company news release.
The transaction would transfer Trillium Pumps US, or TPU, to Connecticut-based Crane Co., an industrial manufacturing and technology company. Trillium Flow Technologies is headquartered in the United Kingdom and is a portfolio company of private equity firm First Reserve.
The deal is expected to close later this year, subject to customary closing conditions, including applicable regulatory approvals.
TPU primarily serves municipal water and wastewater markets through its Floway, Wemco, Roto-Jet and WSP brands.
The business provides engineered pumping systems as well as service, repair, retrofit and replacement work over the life of its installed equipment, according to Trillium.
“TPU has built a robust business and market position through its deep customer relationships, a continued focus on operational excellence, and the commitment of its people,” Trillium Flow Technologies Chief Executive Officer Doug Kitani said in the release. “We are proud of what the team has accomplished and believe Crane is well-positioned to support TPU in its next phase of growth.”
Bryan Voytilla, president of Trillium Pumps US, said the company has worked to improve its performance while serving its customers.
“Together, we have advanced the business, improved performance and delivered consistently for our customers,” Voytilla said. “We are proud of what we have built and look forward to the opportunities ahead alongside Crane.”
Upon closing, TPU’s pump brands and aftermarket operations would become part of Crane.
Trillium says the sale is part of its strategy to shape its portfolio and position its businesses for long-term growth.
First Reserve, which invests in energy, utility and industrial markets, has backed Trillium. The private equity firm says it has raised more than $35 billion in aggregate capital since its founding in 1983.
J.P. Morgan Securities LLC is serving as financial adviser to Trillium Flow Technologies and First Reserve, while Freshfields is serving as legal adviser.
Trillium said it will focus on business continuity and the transition for customers, employees and other stakeholders as the transaction moves toward closing later this year.
