Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) has acquired a water treatment business headquartered in Indianapolis. The company says the all-cash deal for New Aqua LLC is valued at $150 million.

New Aqua currently operates under the brand names Aqua Systems and Hellenbrand. The company manufactures and provides services for residential and commercial water treatment and drinking water equipment.

“We are continuing to invest in prominent water treatment assets as a strategic adjacency to our leading ground water pumping position across the globe,” said Don Kenney, president of Franklin Electric’s water systems segment. “Aqua Systems and Hellenbrand both have rich histories as leading providers of premium residential and commercial water treatment systems, and the acquisition will expand our channel, product, and geographic offerings in the United States.”

Franklin Electric says the current Aqua systems management team, including its chief executive officer, will remain with the company, while its former majority owner, John Ackerman, will continue to serve as an advisor during the transition.

New Aqua employs more than 230 workers and 590 independent water quality dealers across the country. Franklin Electric did not specify if any of the jobs will be negatively affected by the deal.