Fortune Brands Innovations, Inc. acquired SpringWell Water Filtration Systems for approximately $110 million.
February 28, 2024
Share
Fortune Brands Innovations, Inc. (NYSE:FBIN) acquired SpringWell Water Filtration Systems for approximately $110 million on February 29, 2024. Purchase price is approximately $105 million, or $92 million net of tax benefits, on a cash-free, debt-free basis, subject to customary adjustments. The net purchase price of $92 million equates to approximately 8.5x 2023 adjusted EBITDA for the Company before synergies.
Fortune Brands Innovations, Inc. (NYSE:FBIN) completed the acquisition of SpringWell Water Filtration Systems on February 29, 2024.
Fortune Brands Innovations, Inc. is a home, security and commercial building products company. The Company has three segments. Water Innovations segment manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposal, predominantly under the Moen, ROHL, Riobel, Victoria+Albert, Aqualisa and Shaws brands. Outdoors segment manufactures and sells fiberglass and steel entry door systems, storm, screen and security doors, composite decking, railing and cladding under the Fiberon brand, urethane millwork under the Fypon brand, and wide-opening exterior door systems and outdoor enclosures under the Solar Innovations brand. Security segment manufactures, sources and distributes locks, safety and security devices, and electronic security products and fire-resistant safes and security containers. The Company, through SpringWell Water Filtration Systems, provides residential whole-home water filtration and water softening solutions via direct-to-consumer channels.