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.

Pentair will realize about $220 million in tax benefits from the deal that will help offset the overall purchase price but the company said it will issue new investment grade debt to help pay for the deal that is expected to close in the second quarter.

Shares of Pentair closed Thursday at $58.67 a share, up 2.2%.