Franklin Electric has completed the acquisition of Cat Pumps Corporation, a provider of high-pressure positive displacement pumps, for $350 million in cash plus a potential earnout of up to $50 million in Franklin Electric stock based on future performance. The transaction gives the deal a potential total value of up to $400 million.
Cat Pumps, which is based in Minneapolis and operates globally, manufactures high-pressure plunger and piston pumps used across commercial and industrial applications. The company generated approximately $115 million in revenue and $45 million in adjusted EBITDA in 2025, with a significant portion of its business coming from recurring aftermarket parts and accessories.
The acquisition expands Franklin Electric’s exposure to markets including energy, hydro excavation, industrial cleaning, reverse osmosis and water treatment, vehicle cleaning, and water misting. Franklin Electric said the addition of Cat Pumps expands its addressable market by more than $1 billion.
The transaction also expands Franklin Electric’s installed base and adds recurring aftermarket and accessory revenue. The company expects the acquisition to be accretive during its first full year of ownership and plans to use its international distribution network to expand Cat Pumps in industrial and infrastructure markets outside North America.
Franklin Electric expects its net leverage ratio to be approximately 1.5 times following the transaction. The acquisition was completed on September 4, 2026, and was financed using available cash and borrowings under Franklin Electric’s existing credit facilities.
Cat Pumps will become part of Franklin Electric’s Energy Systems segment and will continue operating under the Cat Pumps brand.
Rothschild & Co served as financial advisor to Franklin Electric, while Taft Stettinius & Hollister and Bird & Bird served as legal advisors. Houlihan Lokey advised Cat Pumps financially, with Glaser Weil Fink Howard Jordan & Shapiro serving as legal advisor.
KEY QUOTES:
“This acquisition accelerates our strategy to build a broader, more resilient flow control company. Cat Pumps brings a premium brand with exceptional customer loyalty, proprietary technology, and deep expertise in demanding commercial and industrial applications. Combined with Franklin’s commercial capabilities, global footprint, and systems expertise, we see meaningful opportunities to expand the business and better serve customers across our combined markets. I am excited to welcome the Cat Pumps team to Franklin Electric. They have built an outstanding reputation for reliability and technical performance. Our teams share a strong customer-first culture, and we are excited to bring Franklin Electric’s market development, systems capabilities, and channel strength to help accelerate growth in both existing and adjacent applications where customers demand quality, innovation and service.”
Joe Ruzynski, Chief Executive Officer of Franklin Electric
