Local plumbing market leader acquired by global leader Watts Group
Australian Valve Group Pty Limited (AVG), has sold a majority stake in its business to Watts Water Technologies (Australia) Pty Limited (Watts) in an all cash transaction.
Perth based AVG has been designing and developing a range of heating control valves in Australia for over 18 years. With a nation-wide distribution network throughout Australia, AVG has achieved strong growth and market acceptance with innovative, patented products like the Quickie Kit, Pressure Limiting Valves and MAXI e-stop.
The acquisition of AVG will allow Watts to expand its product breadth and provide greater channel access to the strategically important Australian market. Already active in the Australian market, Watts was founded 140 years ago in the USA and employs thousands of people across the globe.
The three founders of AVG said they felt the time was right to partner with a global business to provide the capital for continued growth of AVG’s internally developed products, as well as access to the extensive nature of the Watts catalogue.
BDO's M&A team in Perth were engaged by AVG as the exclusive sell side adviser for the transaction.