PVI Industries Acquisition by Watts Water Technologies

NORTH ANDOVER, Mass. – November 3, 2016 – Watts Water Technologies, Inc. (NYSE: WTS) has acquired PVI Industries, LLC, effective November 2, 2016.

PVI is a leading manufacturer of engineer-specified plumbing and heating equipment for new construction and building retrofits. Its solutions utilize any of the common energy sources (gas, oil, electric, steam, and hot water) or combinations of energies in storage tanks ranging from 125 to 4500 gallons. The company is based in Fort Worth, Texas, and its production is 100% dedicated to the ASME commercial market with no residential manufacturing. PVI is unique in the industry by being the only ASME-code water heater manufacturer building pressure vessels and heat exchangers from duplex stainless steel (AquaPLEX®).

PVI’s product portfolio complements that of AERCO International, Inc., a wholly-owned subsidiary of Watts. AERCO is a recognized leader in delivering high-efficiency, cost-effective commercial heat and hot water solutions. AERCO pioneered the high-efficiency boiler category, introducing the first modulating and condensing gas-fired boiler and water heater for the commercial market. The company is based in Blauvelt, New York.

Both PVI and AERCO will now be part of a new Heating and Hot Water Solutions business platform at Watts that will operate out of both Fort Worth, Texas, and Blauvelt, New York. The platform will be led by James F. Dagley, who will serve as President of the Heating and Hot Water Solutions platform, while also continuing to lead AERCO.

“PVI is a recognized leader in the growing market for high efficiency hot water heaters,” said
Dagley. “PVI brings a full suite of differentiated products that complement our existing water heating portfolio, strengthening our ability to provide complete system solutions for our customers.”

"This acquisition brings together two great brands, PVI and AERCO, that share a similar set of values, customers, and markets, with a strategic vision for growth," said PVI President Chris Bollas. "We are impressed with the strength of the AERCO management team and look forward to working with them to capture new opportunities in the marketplace.”

For further information, please contact Bree McQuillan, AERCO - VP Marketing directly at (845) 580-8042, or bmcquillan@aerco.com.