Fort Wayne-based Franklin Electric Co. (Nasdaq: FELE) has announced the acquisition of Milan Supply Co. in Michigan. The company says the nearly $6 million deal will bring Milan Supply into its Headwater Companies LLC subsidiary.
Milan Supply Co. is a professional groundwater distributor with six locations in Michigan. Headwater Companies is a collective of leading groundwater distributors that serves as the wholly-owned distribution segment of Franklin Electric.
“We are pleased to add Milan Supply to the Headwater family," said DeLancey Davis, president of Headwater Companies. "The team at Milan has served the pump industry and related water resource markets for over 50 years and has an outstanding reputation with their customers for technical capability and service. The acquisition of Milan adds to Headwater’s commitment to the important Michigan groundwater market and further fulfills our objective of being the leading source in groundwater systems distribution in the U.S."
Franklin Electric says Milan Supply boasts approximately $22 million in consolidated annual sales.