Pioneer Pump Solutions Ltd., a wholly owned subsidiary of Franklin Electric Co., has completed the purchase of the assets of Performance Pump and Equipment Co. Ltd., Stowmarket, Suffolk, United Kingdom. Performance Pump is a pump rental company that operates locations in Wigan, Somerset and Petersfield, U.K. It provides customers a variety of rental alternatives in mining, municipal, dewatering and industrial applications using tailored pump solutions from 2- to 12-inch bore configurations. Annual 2012 sales for Performance Pump were approximately £1.5 million (about U.S. $2.3 million).
Franklin Electric agreed to pay £1.5 million in an all-cash transaction. The company believes Performance Pump will be accretive to 2014 earnings per share and provides additional assets, customer relationships and market knowledge that enhance the Pioneer Pump Solutions operation in the U.K.
"Pioneer Pump Solutions is committed to providing 24/7 pump hire and support to our growing list of customers in the U.K.,” said Dennis Mitchell, chairman of Pioneer Pump Solutions. “The addition of Performance Pump gives us a broader geographical base to service the needs of our customers. We look forward to helping customers throughout the U.K. achieve the cost savings and reduced carbon emissions that our products provide."
Pioneer Pump Solutions is a U.K.-based national specialist pump hire business with locations in Ipswich, Nottingham and Cardiff, and serves the mining, construction and utilities markets.