Pentair plc (NYSE:PNR) entered into a definitive agreement to acquire Pleatco LLC from Align Capital Partners, LP for approximately $250 million on September 15, 2021. The purchase price is subject to customary adjustments. The acquisition is subject to customary closing conditions and necessary regulatory approvals, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. It is anticipated to be completed in the fourth quarter. The transaction is expected to be accretive in its first full year. Pleatco retained Steve Guy, John Kinsella, Sarah Gaul and Jon Fitzsimmons of Baird acted as financial advisor and Jon W. Finger of McGuireWoods LLP acted as legal advisor to Pleatco. Andrew R. Horne and James Frawley of Nomura Securities International Inc acted as financial advisor to Pentair. Faegre Drinker Biddle & Reath LLP acted as legal advisor to Pentair. Ross Vozar of BDO USA LLP acted as Financial Due Diligence Provider to Align Capital Partners, LP.

Pentair plc (NYSE:PNR) completed the acquisition of Pleatco LLC from Align Capital Partners, LP on October 18, 2021. Under the terms of agreement, $256.9 cash consideration paid is along with net of cash acquired. The acquisition was funded with cash on hand and borrowings under our revolving credit facility.