MILWAUKEE--(BUSINESS WIRE)--Gardner Denver Holdings Inc. (NYSE: GDI), a leading global provider of mission-critical flow control and compression equipment, announced that it has acquired MP Pumps, Inc. for a net purchase price of approximately $58 million funded by cash on hand. Based in Fraser, Michigan, MP Pumps is a leading manufacturer of specialty industrial pumps and associated aftermarket parts for use in a variety of industrial end markets. MP Pumps will be part of Gardner Denver’s Industrials Segment.
“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, Gardner Denver’s CEO. “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.”
“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 S. Bovenizer, CEO of Lionheart. Greg Peabody, President of MP Pumps, stated, “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.”
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the leadership appointments discussed herein, the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including macroeconomic factors beyond the Company’s control, risks of doing business outside the United States, the Company’s dependence on the level of activity in the energy industry, potential governmental regulations restricting the use of hydraulic fracturing, raw material costs and availability, the risk of a loss or reduction of business with key customers or consolidation or the vertical integration of the Company’s customer base, loss of or disruption in the Company’s distribution network, the risk that ongoing and expected restructuring plans may not be as effective as the Company anticipates, and the Company’s substantial indebtedness. Additional factors that could cause Gardner Denver’s results to differ materially from those described in the forward-looking statements can be found under the section entitled "Risk Factors" in our prospectus dated November 15, 2017, filed with the Securities and Exchange Commission ("SEC") pursuant to Rule 424(b) of the Securities Act on November 17, 2017, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Gardner Denver
Gardner Denver (NYSE: GDI) is a leading global provider of mission-critical flow control and compression equipment and associated aftermarket parts, consumables and services, which it sells across multiple attractive end-markets within the industrial, energy and medical industries. Its broad and complete range of compressor, pump, vacuum and blower products and services, along with its application expertise and over 155 years of engineering heritage, allows Gardner Denver to provide differentiated product and service offerings for its customers' specific uses. Gardner Denver supports its customers through its global geographic footprint of 39 key manufacturing facilities, more than 30 complementary service and repair centers across six continents, and approximately 6,700 employees world-wide.