MINNEAPOLIS - Graco Inc. has agreed to acquire the stock of Pennsylvania-based High Pressure Equipment Co. (HiP) for $160 million. In addition, Graco announced that it has agreed to acquire the Utah-based White Knight Fluid Handling business, with the acquisition expected to close in January. The company also closed on two other acquisitions in December 2014, acquiring the assets of Ontario-based GeoBlaster Equipment Sales & Services Inc. and Brazil-based Multimaq-Pistolas e Equipamentos Para Pintura Ltda (Multimaq). Aggregate sales and EBITDA of the four businesses in the most recent 12-month period were approximately $50 million and $17 million, respectively.
“The acquisitions we are announcing today support our strategic growth plans to expand into new markets and geographies, while diversifying our portfolio of precision products for critical applications,” said Patrick J. McHale, Graco’s President and CEO.
Headquartered in Erie, PA, HiP designs and manufactures valves, fittings and other flow-control equipment engineered to perform in ultra-high-pressure environments, from 10,000 to 150,000 psi. HiP’s products are used on high-value assets in numerous industrial applications, including infrastructure in the oil and natural gas industry and the growing water-jet cutting and cleaning industry, as well as industrial research programs for universities and major corporations. HiP also maintains an engineering and production base in Stoke-on-Trent, Staffordshire, UK.
Headquartered in Kamas, UT, White Knight Fluid Handling manufacturers air-operated double-bellows pumps, air-operated double-diaphragm pumps, and metering pumps. The company’s high-purity, metal-free pumps are used to deliver, circulate, reclaim, and transport chemical fluids and slurries that are used in the production of semiconductors, solar panels, LED flat panel displays, and various other electronics. White Knight offers an array of fluid management solutions including pumping solutions used in numerous chemical applications such as dosing, spiking, photoresist, etching, cleaning and blending.
Based in Dunnville, Ontario, GeoBlaster manufactures wet abrasive blasting equipment for coating removal and surface preparation. The GeoBlaster acquisition augments Graco’s existing protective coating channel.
Headquartered in Porto Alegre, Brazil, Multimaq manufactures and distributes finishing products that serve a variety of industries including metal, wood and leather. Multimaq is a respected brand in the Brazilian market.