At the end of August, Massachusetts-based Watts Water Technologies, a manufacturer of plumbing, heating and water quality products, announced that it had entered into a definitive agreement to acquire Menomonee Falls-based Bradley Corp. for $303 million. Mullett Bryan Mullett, chairman and chief executive officer of Bradley Corp., said via an announcement
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Mullett[/caption]
Dommisse[/caption]
Did the company look at other buyers, PE, doing an ESOP or even going public?
Dommisse: “We explored other options but found that Watts’ culture, industry reputation and commitment to American manufacturing was a great fit. Bradley also shares many customers and sales representatives.”
Will there be any changes to the Menomonee Falls HQ/Germantown facility footprints or the overall workforce?
Dommisse: “We plan to continue manufacturing here in Menomonee Falls and Germantown in the current facilities and with our current workforce. We also plan on continued equipment investments.”
How do you plan to lead the business going forward and will part of that involve trying to maintain the culture the company built under family ownership?
Mullett: “Bradley has been a family business for over 100 years; Watts also has roots as a family business. In fact, throughout its 150-year history, founding family member descendants are still in the Watts business. The companies have a strong cultural match, common values, and shared pride in manufacturing high-quality products. That was important to me.”
Are there any plans yet as to what shareholders/the family will use the money from the sale for?
Mullett: “My brothers already run successful businesses in the area, and they will continue to look for new opportunities.”
Can you elaborate on what cost reductions will be achieved following the acquisition?
Dommisse: “We anticipate that leveraging Watts’ operational prowess and supply chain capabilities will benefit both companies.”
Accelerating growth was mentioned several times in the acquisition announcement. Will part of that growth be any sort of continued investment in Wisconsin facilities or workforce?
Dommisse: “We have made significant investments in our facilities over the past several years installing state of the art equipment and technologies and modern workspaces for our office employees. These investments will continue as we plan our future growth.”
Why did you decide to stay on with the business and is there a set time period for your new role?
Mullett: “I feel strongly that Bradley will realize its full potential as part of the Watts family. This relationship of shared values and culture creates more opportunities for our employees and our customers will have access to a wider range of high-quality products.”
