Water Treatment Firm to Acquire Ice Machine Maker for $1.6 Billion

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Pentair sign

A global manufacturer of water management products is expanding its capabilities in the frozen products sector, announcing plans to acquire a major supplier of ice-making machines.

Pentair announced in March that it has reached a deal to buy Wisconsin-based Manitowoc Ice for approximately $1.6 billion, allowing Pentair to gain an instant foothold in a new market.

“We expect this strategic acquisition to be a game-changer for our commercial water solutions platform, establishing a differentiated, total water management offering and expanded network within the foodservice industry,” Pentair President and CEO John Stauch said in a news release.

The deal is expected to close during the second quarter of 2022. Pentair — headquartered in Minneapolis but incorporated in London — is known for its range of water treatment solutions for pool and spa equipment, fire suppression, water quality, and water supplies.

Manitowoc Ice, meanwhile, serves as a manufacturer and distributor of commercial ice machines. Its portfolio includes over 200 models of ice machines and the company reports about 1 million units installed worldwide. The company, a subsidiary of Wellbilt, has about 800 employees across its three production facilities — one in Manitowoc, one in Mexico, and one in China. Manitowoc Ice had 2021 revenue of $308 million.

Pentair’s 2021 revenue totaled about $3.8 billion. It has over 11,000 employees across 150 countries.

Image Credit: JHVEPhoto / Shutterstock.com

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