Franklin Electric has signed a definitive agreement to acquire Barnes de Colombia S.A. This acquisition targets growth in Latin America, enhancing Franklin’s product portfolio and market presence. With over 400 employees and multiple manufacturing and distribution locations, Barnes offers substantial strategic value. The completion of this deal is expected by March 1, 2025, pending regulatory approvals.
Franklin Electric Co., Inc., based in Fort Wayne, Indiana, has successfully signed a definitive agreement to acquire Barnes de Colombia S.A., a prominent manufacturer and distributor of industrial and commercial pumps in Colombia. This strategic acquisition is set to support Franklin Electric’s long-term growth objectives by providing substantial opportunities for business development in Latin America.
Barnes de Colombia operates under the WDM brand in some regions, including the U.S. The company is headquartered near Bogotá and features two manufacturing facilities and over eight stocking locations within Colombia. Additionally, it possesses assembly facilities in Mexico, Brazil, and Argentina, along with warehouses in several Central and South American countries.
This acquisition significantly enhances Franklin Electric’s product offerings and strengthens its market presence throughout key Latin American areas. The strategic position of Barnes de Colombia in Colombia and its established operations elsewhere in Latin America will likely expedite Franklin’s growth across the region, aligning with their goals of product diversification and a more resilient supply chain through Barnes’ extensive distribution network.
Joe Ruzynski, the CEO of Franklin Electric, stated, “We are thrilled to welcome Barnes de Colombia to the Franklin Electric family… Barnes’ approximately 400 team members and manufacturing capabilities will enhance our operating footprint materially and we are excited for these new team members and operations to contribute meaningfully to our growth and success.” This acquisition is poised to close on or about March 1, 2025, pending standard closing conditions, including necessary Colombian antitrust clearance.
Seale & Associates offered investment banking services for Barnes de Colombia, while Garrigues and Brigard Urrutia provided legal counsel for Franklin Electric and Barnes, respectively. Franklin Electric is recognized globally for its expertise in water and energy movement systems, serving diverse markets from residential to industrial sectors. The company has also received accolades for responsible business practices and environmental leadership, underscoring its commitment to quality and innovation.
Franklin Electric’s acquisition of Barnes de Colombia positions the company to significantly enhance its operations and market presence in Latin America, facilitating strategic growth and product diversification. This move not only extends Franklin’s distribution capabilities but also adds a robust workforce to its operational structure, promising increased service and innovation for its customers. The anticipated closing of the acquisition marks a pivotal step in Franklin Electric’s expansion strategy.
Original Source: www.manilatimes.net
