Enware Australia has been acquired by Watts Water Technologies Inc.
March 2023 — Docy Holdings has sold Enware Australia Pty Limited to NYSE-listed Watts Water Technologies Inc. (Watts). The acquisition increases Watts’ presence in Asia-Pacific markets and provides growth opportunities whilst allowing the longstanding Docy ownership group to exit to a well-credentialled owner after building up the business over 30 years.
Enware is a leading manufacturer and supplier of specialty plumbing and safety equipment used in the Australian institutional and commercial end markets, with revenues of approximately US$40 million. Founded in 1937, the current ownership group acquired the business in the early 1990s and under the leadership of its largest shareholder, Paul Degnan, has expanded nationally and internationally in the Middle East and Asia. Enware has designed, engineered and manufactured premium equipment to a wide variety of customers in the healthcare, detention, education, utilities, mining and other commercial markets.
Watts Water Technologies (NYSE:WTS), with a history of 150 years, is a global manufacturer that provides one of the broadest plumbing, heating and water quality product lines in the world for commercial, residential and industrial applications. The acquisition of the Enware business is in line with Watts’ international growth strategy, creating scale and further expanding the industry leader’s footprint in the APAC region. Headquartered in North Andover, Massachusetts, and with a global presence, Watts has revenues of US$2 billion and a market capitalization on the New York Stock Exchange of US$6.5 billion.
Our role in the transaction
Oaklins’ team in Australia worked alongside the private ownership group through a comprehensive process over two years which led to a successful outcome for both parties. The transaction adds to Oaklins’ strong track record in the industrial distribution and manufacturing sectors and in advising founder-led businesses on a path to liquidity and helping them realize the value of their life’s work.
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