Franklin Electric completed the acquisition of high-pressure pump manufacturer Cat Pumps in a transaction valued at up to $400 million.

Fort Wayne, IN-based Franklin Electric paid $350 million in cash, with the agreement including a potential earnout of up to $50 million in company stock based on future performance. The transaction closed Sept. 4 and was funded through available cash and borrowings under Franklin Electric’s existing credit facilities.

Minneapolis-based Cat Pumps manufactures high-pressure positive displacement plunger and piston pumps for commercial and industrial applications. Its products serve markets that include industrial and vehicle cleaning, oil and gas, manufacturing, reverse osmosis and water treatment, food and beverage production, specialty vehicles and water misting.

The company generated approximately $115 million in 2025 revenue and $45 million in adjusted EBITDA. Cat Pumps also derives a significant portion of its revenue from aftermarket parts, accessories and other consumables sold through a worldwide distributor network.

“This acquisition accelerates our strategy to build a broader, more resilient flow control company,” Franklin Electric CEO Joe Ruzynski said. “Cat Pumps brings a premium brand with exceptional customer loyalty, proprietary technology and deep expertise in demanding commercial and industrial applications.”

Franklin Electric said the acquisition expands its addressable market by more than $1 billion while creating opportunities to grow Cat Pumps internationally through Franklin Electric’s distribution network. The transaction is expected to contribute to adjusted earnings during 2027, the first full year under Franklin Electric’s ownership.

Cat Pumps will operate within Franklin Electric’s Energy Systems segment and continue going to market under its existing brand. Franklin Electric expects to have a net leverage ratio of approximately 1.5 following the transaction.

The purchase is Franklin Electric’s first announced acquisition since February 2025, when it added industrial pump manufacturers Barnes de Colombia and Australia-based PumpEng. Those transactions expanded the company’s presence in Latin America and the Australian mining sector, respectively.

Franklin Electric manufactures and distributes systems and technologies used to move and protect water, fuel and electricity across residential, commercial, agricultural, industrial, municipal and energy applications.