Pentair will acquire Manitowoc Ice, a maker of commercial ice machines, for $1.6 billion.
Pentair, headquartered in London but managed out of Golden Valley, is a provider of water solutions to residential and commercial markets.
"We expect this strategic acquisition to be a game changer for our commercial water solutions platform, " said John Stauch, Pentair's chief executive, in a news release.
Manitowoc Ice, based in Manitowoc, Wis., is a subsidiary of Welbilt Inc., a Florida-based maker of commercial food-service equipment.
Plants in Wisconsin, Mexico and China employ 800 workers making about 200 models of commercial ice-making machines. The machines make ice cubes, pebbles and flakes used in a variety of food-service and industrial settings.
In 2021, Manitowoc Ice had revenue of $308 million with healthy profit margins. It will expand Pentair's water management offerings and provide further inroads into the food-service industry.
"With the addition of Manitowoc Ice, we expect Pentair will have the opportunity to bring to our customers a total water management solution that optimizes complementary portfolios through a large installed customer base in foodservice," Stauch said.
The deal for Manitowoc is Pentair's largest since 2017. Pentair made two smaller acquisitions in 2021: $80 million for Ken's Beverage, a maker of commercial water treatment equipment; and $255 million for Pleatco, a maker of aftermarket pleated filtration products for commercial air and pool and spa markets.
