A. O. Smith has completed its acquisition of LVC Holdco, the parent of Leonard Valve Company, in a transaction the company said will deepen its position in the water management market and broaden its commercial and institutional product portfolio.
The Milwaukee-based water technology company acquired Leonard Valve for $470 million, subject to customary adjustments. A. O. Smith said the all-cash deal is valued at approximately $412 million after adjusting for estimated tax benefits, and it was funded with cash borrowed under a new credit agreement.
A. O. Smith leadership positioned the acquisition as a strategic step toward delivering more integrated solutions across complex, regulated environments where precise temperature control and system monitoring are critical. By adding Leonard Valve’s temperature control valves and digital mixing technologies, A. O. Smith aims to strengthen its capabilities with commercial and institutional customers and extend its reach in applications where safety, compliance, and reliability requirements are high.
Leonard Valve, founded in 1911 and headquartered in Cranston, Rhode Island, designs and manufactures water temperature control valves, digital and thermostatic mixing systems, and related monitoring devices. The company’s products are used across hospitals, schools, universities, industrial facilities, and other institutional and commercial settings, where accurate temperature regulation can help reduce scalding risk, improve operational consistency, and support facility-wide performance goals.
The acquisition also brings Leonard Valve’s Heat-Timer business into A. O. Smith. Heat-Timer is known for advanced boiler controls, expanding A. O. Smith’s exposure to hydronic heating and building mechanical systems where customers increasingly seek centralized visibility, automation, and tighter controls to improve efficiency and uptime.
Executives from both companies emphasized continued investment in people and technology as a core theme for the combined organization. A. O. Smith said the addition of Leonard Valve supports its push into digital expertise and connected solutions, while Leonard Valve leadership highlighted opportunities to broaden thermostatic mixing solutions and extend boiler control offerings under a larger platform with expanded resources.
Support: BofA Securities served as A. O. Smith’s exclusive financial advisor on the transaction, and Foley & Lardner served as legal advisor.
KEY QUOTES:
“This acquisition expands our presence in the water management market, enhances our digital expertise and broadens our integrated product offering with commercial and institutional customers. We are proud to welcome the Leonard Valve team into the A. O. Smith family. Both companies share a commitment to innovation, integrity and exceptional customer service.”
Steve Shafer, Chief Executive Officer, A. O. Smith
“We are excited to join A. O. Smith. Together, we can continue to further invest in our people and technology, enhance our digital and thermostatic mixing solutions, expand our boiler control offerings, and deliver even more integrated solutions to our customers.”
David Brakenwagen, President, Leonard Valve
