Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) has added a Texas company to its portfolio. The company says it has acquired Gicon Pumps & Equipment Inc., a professional groundwater distributor, in a nearly $28 million deal.
Franklin Electric says Gicon will join its Headwater Companies business unit. Headwater President DeLancey Davis says the acquisition brings Gicon’s 40 years of expertise into the fold.
“The acquisition of Gicon adds to Headwater’s commitment to the critical groundwater markets, provides geographic expansion in the Texas market and further fulfills our objective of being the leading source for water systems solutions distribution in the U.S.,” Davis said in a news release.
Franklin Electric says Gicon has $68 million in consolidated annual sales. The company did not specify whether any jobs would be affected by the acquisition.