This acquisition advances Hillenbrand’s growth strategy and provides solid growth potential and entry into the specialised flow control market, the company says. It is a “highly profitable business with a low-asset base and strong cash flows.”
Hillenbrand has entered into a definitive agreement to acquire ABEL Pumps and certain of its affiliates from Roper Technologies for €95 million in cash. The transaction is expected to close within approximately 30 days, subject to regulatory approval and customary closing conditions.
Based in Buchen, Germany, ABEL is globally-recognised in diaphragm pumps. It specialises in designing, developing and manufacturing piston diaphragm and piston pumps as well as pumping solutions and in providing related parts and service. Mining is one of its key markets.
At the completion of this transaction, ABEL will join Coperion, Rotex and TerraSource Global in Hillenbrand’s Process Equipment Group.
“The acquisition of ABEL demonstrates our continued commitment to growing as a world-class global diversified industrial company,” said Joe Raver, President and CEO of Hillenbrand. “ABEL is a strong fit within our Process Equipment Group segment and provides us an entry point into the attractive flow control market.”
During the trailing 12-month period ended July 31, 2015, ABEL’s revenue was some €30 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) were about €8 million.
“This is a great opportunity for ABEL,” said Christian Dietl, President of ABEL. “Hillenbrand has a clear strategic vision, and the management practices they bring will help us continue to deliver strong results. We look forward to working with this management team as we join the Hillenbrand portfolio.”
ABEL develops and manufactures reciprocating positive displacement pumps for varying flow rates and pump pressures and specializes in diaphragm and piston pumps. ABEL is recognized around the world as the technological leader in diaphragm pumps. Solids handling pumps (for paste-like and non-Newtonian media) and high pressure plunger pumps complete the range of its products.