Flowserve has signed a definitive agreement to acquire Trillium Flow Technologies’ Valves Division (TVD) for $490 million in cash, a move the company says will accelerate its power end-market growth strategy and expand its position in nuclear and traditional power generation. The transaction is expected to close mid-year 2026.
The valves business brings a portfolio of highly engineered, mission-critical valves and actuation products used across nuclear and conventional power generation, as well as industrial and critical infrastructure applications. Flowserve said the acquisition broadens its reach across both conventional and emerging markets by adding specialized valve and actuation offerings, differentiated nuclear and power technology, and scalable service capabilities.
A central strategic driver is TVD’s installed base of more than 200,000 units, including equipment deployed in 115 operating nuclear reactors. Flowserve expects that footprint to generate recurring, higher-margin aftermarket demand for services, replacements, and spare parts, increasing what it describes as its “aftermarket entitlement.” Flowserve also said the deal strengthens its existing nuclear positioning, noting it already supports more than 300 reactors worldwide, and adds capabilities to serve both existing nuclear assets and new builds, including traditional and small modular reactors.
Financially, Flowserve said the $490 million purchase price implies an approximate 12.3x multiple of TVD’s 2025 adjusted EBITDA, excluding anticipated synergies. TVD is expected to have annualized revenue of about $200 million with adjusted EBITDA margins in the high teens. Flowserve said it plans to apply the Flowserve Business System to drive margin improvement over time, and expects the transaction to be accretive to adjusted operating income in 2026, excluding anticipated synergies.
Flowserve expects to fund the transaction using a combination of cash on hand and additional debt. The acquisition is subject to customary closing conditions and regulatory approvals. The company noted the transaction excludes Trillium Valves’ French operations.
Advisors on the deal include Goldman Sachs & Co. LLC as Flowserve’s exclusive financial advisor and Baker McKenzie as legal advisor. J.P. Morgan Securities LLC is serving as financial advisor to TVD, with Freshfields as legal advisor.
KEY QUOTES
“TVD’s products and capabilities are highly complementary to our portfolio and will enhance our ability to meet future demand in nuclear, traditional power, and more broadly across the industrial landscape.”
“We see strong aftermarket potential from their global installed base that is expected to drive profitable growth.”
“The acquisition underscores our commitment to building a more cycle-resilient business and will enhance value for shareholders, customers, and associates.”
“We look forward to welcoming the Trillium Valves team to Flowserve.”
Scott Rowe, President And Chief Executive Officer, Flowserve
