MANSFIELD, Ohio -- The Gorman-Rupp Company announced that it has entered into a definitive agreement to acquire the assets of Fill-Rite and Sotera (Fill-Rite), a division of the Tuthill Corporation, for $525 million. When adjusted for approximately $80 million in expected tax benefits, the net transaction value is approximately $445 million. Gorman-Rupp expects to fund the transaction with cash on-hand and new debt. Subject to customary closing conditions and necessary regulatory approvals, the transaction is expected to close in the second quarter of 2022.
With facilities in Fort Wayne, Indiana and Lenexa, Kansas, the Fill-Rite and Sotera brands hold leadership positions in niche pump markets. Fill-Rite provides rugged, high performance liquid transfer pumps as well as a comprehensive line of mechanical and digital meters, precision weights and measures certified meters, hand pumps, hoses, nozzles and accessories. For the 12 months ended March 31, 2022, Fill-Rite generated revenue of approximately $140 million and adjusted EBITDA of approximately $34.5 million, representing an adjusted EBITDA margin of 25%.