Franklin Electric Co. Inc., Fort Wayne, Indiana, acquired Gicon Pumps & Equipment Inc. of Lubbock, Texas, for $27.9 million in a cash transaction. Gicon is a professional groundwater distributor operating seven locations in Texas. Gicon has about $68 million of consolidated annual sales.
“We are pleased to add Gicon to the Headwater family,” says DeLancey Davis, president of Headwater Companies, the wholly owned distribution segment of Franklin Electric. “The team at Gicon has served the pump industry and related water resource markets for over 40 years and has an outstanding reputation within the industry for quality service and technical depth. 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.”