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Pentair to acquire 2 water treatment companies

Pentair PLC agreed to acquire Aquion Inc. for $160 million and Pelican Water Systems for $120 million in cash, subject to adjustments.

Both deals are expected to close in the first quarter, subject to customary closing conditions.

Aquion, which is majority-owned by Mason Wells Inc., manufactures water treatment equipment, including water conditioners and drinking-water purifiers. Pelican Water Systems, majority-owned by Trivest Partners LP, provides residential whole home water treatment systems.

Citi is acting as financial adviser and Foley & Lardner LLP is serving as legal counsel to Pentair on the Aquion transaction, while Faegre Baker Daniels LLP is legal counsel on the Pelican Water Systems deal.

Baird is acting as financial adviser and Quarles & Brady LLP is serving as legal counsel to Aquion. Lincoln International acted as the exclusive sell-side adviser and Akerman LLP is legal counsel to Pelican Water Systems.