Milwaukee-based Gardner Denver Inc. has acquired MP Pumps, a manufacturer of specialty industrial pumps and aftermarket parts, for a net purchase price of $58 million.
Based about 10 miles northeast of downtown Detroit in Fraser, Michigan, MP Pumps makes pumps for industrial, agricultural, marine, petroleum, transportation and warewash industries. The company was founded in 1942 and its first pumps were used for landing craft and other amphibious vehicles in World War II.
“MP Pumps complements and expands Gardner Denver’s existing specialty industrial pump offering and provides increased access to and expertise in the market,” said Vicente Reynal, chief executive officer of Gardner Denver. “The acquisition of MP Pumps is another important step in our strategy to drive ongoing profitable growth by leveraging core, mission critical technologies in attractive end markets.”
The company will become part of Gardner Denver’s industrials segment, which had $1.13 billion in revenue in 2017.
“As part of Gardner Denver, we will be able to leverage an expanded commercial and operational footprint as we continue to deliver high quality products and services to our customers,” said Greg Peabody, president of MP Pumps.
MP Pumps was previously owned by Pennsylvania-based industrial operating company Lionheart Industrial Group.
“Lionheart Industrial Group is pleased to have owned MP Pumps for the last decade and help guide its growth through strategic and operational value improvement. We are excited for the future of the company, and its employees, under the stewardship of Gardner Denver,” said David Bovenizer, CEO of Lionheart.
