ITT Inc said on Wednesday that it had signed an agreement to buy privately held Svanehøj Group A/S in a deal valued at approximately $395 million.
Based in Svenstrup, Denmark, Svanehøj Group is a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. The company’s product portfolio is mostly comprised of deepwell gas cargo pumps, fuel and energy pumps as well as tank control systems.
The deal is expected to be finalized in the first quarter of 2024, subject to customary regulatory approvals.
Svanehøj will become part of ITT Inc’s Industrial Process segment, a leader in flow focused on highly engineered pumps, valves and aftermarket services.
“Svanehøj is an outstanding addition to ITT, with extensive experience in the marine pumps industry and a complementary portfolio of highly engineered flow products aligned to the energy transition. The company has leadership positions in adjacent markets and a strong installed base, with a track record of above-market growth,” Luca Savi, Chief Executive Officer and President of ITT Inc, said in a press release.
“Like ITT, Svanehøj has developed a strong aftermarket offering that provides good visibility to recurring revenue streams thanks to its global service network and a data-driven approach to capturing opportunities. Lastly, the company is led by a strong management team with vast industry experience and backed by a deep bench of talent across the organization. On behalf of ITTers everywhere, I’d like to welcome Svanehøj’s CEO, Søren, and the entire team to ITT,” the CEO added.
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