Denmark-based Grundfos, a pump and water solutions company, recently signed an agreement with Chicago-based Frontenac, a private equity firm, to purchase Pittsburgh-based Newterra, a designer, engineer, manufacturer and service provider of environmental, water, and wastewater treatment solutions.
“We are very excited about joining Grundfos,” Kevin Cassidy, Newterra CEO, said. “Our visions and shared focus on enabling sustainable solutions for our customers are well aligned. And I am sure, that with our capabilities and the many strengths of Grundfos, together, we can achieve so much more for our customers and the world around us.”
The purchase allows Grundfos to add to its portfolio and offer a wider range of products and offerings that address its customers changing demands for water solutions. It is part of a strategy to build a strong water treatment platform and to expand the company’s presence in the important U.S. and Canadian markets.
Grundfos plans to double its U.S. business by 2030. After the deal closes, Grundfos will employ more than 1,500 people in Europe and North America and have revenue of more than $350 million.
The deal is expected to close during the second half of this year, subject to closing conditions and regulatory approvals.