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.
Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world. Its subsidiaries and brands offer innovative plumbing, heating, and water quality solutions for commercial, residential and industrial applications.
Elie Melhem, President Asia-Pacific, the Middle East and Africa for Watts Water Technologies, Inc., commented “Acquiring AVG will allow us to expand our product breadth and provide greater channel access to the strategically important Australian market. We are excited to team with AVG to continue to supply our customers with superior products and solutions”.
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.
“The transaction is a natural fit for both parties. Both businesses align around the importance of investing in design and innovation, and Watts are keen to support AVG’s growth strategy in Asia Pacific with their strong balance sheet and suite of new products in the local market,” said AVG Director and CEO Julian Anderson.
The BDO Perth M&A team was engaged by AVG as the exclusive sell side advisor for the transaction.
“When both sides of a transaction fit so well together, we always find a way to get a deal done. The circumstances were more challenging than most with a global pandemic and the transaction being referred to FIRB for clearance. In addition, with the Watts deal team being in both Boston and Shanghai, and the AVG executive in Perth and Melbourne, we needed everyone to embrace a technological solution and by doing so we were able to successfully complete at 30 June,” said Todd Grover, Partner, Mergers & Acquisitions for BDO Perth.