Grundfos acquires Peerless Pump
The Grundfos Group has acquired Peerless Pump Co. With more than 400 employees and annual sales of $110 million, Peerless is Grundfos’ largest acquisition to date, as the company continues its aggressive growth strategy in North America.
The Grundfos Group, with Headquarters in Denmark, has acquired Peerless Pump Co. Peerless is a U.S.-based manufacturer of pumps and fire protection systems, with facilities in Indianapolis and five other North American locations. With more than 400 employees and annual sales of $110 million, Peerless is Grundfos’ largest acquisition to date, as the company continues its aggressive growth strategy in North America.
“Recently we have focused on growing our business globally, especially in Eastern Europe, Asia, and North America,” said Carsten Bjerg, group president and CEO of Grundfos Group. “The US market has a significant growth potential, and seen in that perspective, the acquisition of Peerless is of great strategic importance to Grundfos. Combined with the continued expansion of our R&D facilities and production capacity in North America, this acquisition is crucial to strengthening our U.S. market position.”
Grundfos’ sales in North America are $300 million. The total U.S. pump market is estimated at $6 billion. With the latest acquisition, Grundfos expects to double sales within a four year period reaching $600 million.
“Grundfos has had a presence in the U.S. market since 1973, and over the last three years, we have made a series of major investments in North America to accelerate our growth,” said Søren Ø. Sørensen, group executive vice president and chairman of the board of Grundfos in North America. “With the acquisition of Peerless we extend our product range as well as our U.S. sales organization significantly. We expect a lot from this deal and see great potential for globalization especially of the Peerless fire protection systems.”
Peerless is considered to be one of the two most recognized water pump brands in the U.S., according to a 2007 survey conducted by “Pumps and Systems” magazine.
“We see Grundfos’ acquisition of Peerless as an extremely positive move for our customers as well as for the future security and continued development of our employees, of Peerless Pump itself, and our world wide sales