Watts Water to acquire Bradley Corp for $303M cash; expects Q4 close, modest EPS accretion

WATTS WATER TECHNOLOGIES INC

Purchase price $303M cash; net ~$268M after ~$35M tax benefits; funded via cash on hand and credit facility.
Bradley has ~$200M annual sales, adds front-of-wall commercial washroom and emergency safety products.
Expected close Q4 2023, subject to HSR antitrust clearance and customary closing conditions.
Bradley Chairman & CEO Bryan Mullett to join Watts as President of the Bradley platform.
Transaction modestly accretive to Adjusted EPS in 2024; accretive EBITDA margins targeted by 2027.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WATTS WATER TECHNOLOGIES INC entered into Unit Purchase Agreement with G6 Adventures Corporation, Bradley Corporation and shareholders valued at $303 million (effective 2023-08-30).

Action: entry
Agreement: asset purchase
Counterparty: G6 Adventures Corporation, Bradley Corporation and shareholders
Value: $303 million
Effective: 2023-08-30

Exact text from the filing

On August 30, 2023, Watts Regulator Co. (“Watts Regulator”), a wholly-owned subsidiary of Watts Water Technologies, Inc. (the “Company”), entered into a Unit Purchase Agreement (the “Purchase Agreement”) with G6 Adventures Corporation (“Parent”), Bradley Corporation, a wholly-owned subsidiary of Parent (“Bradley”) and Parent’s shareholders (collectively, the “Shareholders,” and together with Parent, the “Sellers”), pursuant to which Watts Regulator agreed to acquire Bradley subject to the terms and conditions set forth therein.

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Source: SEC EDGAR

accession 0001558370-23-015442

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