Franklin Electric Co., Inc. completed its acquisition of Cat Pumps Corporation on September 4, 2026, paying $350 million in cash upfront with up to $50 million more available based on future performance — a deal that could total as much as $400 million. Cat Pumps, based in Minneapolis and known for its high-pressure plunger and piston pumps used in commercial and industrial applications, will keep operating under its own brand name even as it becomes part of Franklin Electric’s Energy Systems segment.
The deal was first reported by Pulse 2.0, whose coverage detailed a potential $50 million stock earnout. The earnout is tied to future performance and capped at $50 million, according to reporting from TradingView. Franklin Electric funded the cash portion using available cash and its existing revolving credit facilities, and the company expects its net leverage ratio to land around 1.5 times EBITDA following the transaction, per a filing detailed by Stock Titan.
A Pump Maker Built on Car Wash Roots
Cat Pumps traces back to 1968, when founder William L. Bruggeman engineered a compact, long-lasting triplex plunger pump specifically for commercial car wash systems, according to the company’s own account cited by Cat Pumps. That original design became the foundation for a business now generating roughly $115 million in annual revenue, with pumps deployed across energy, hydro excavation, industrial cleaning, reverse osmosis and water treatment, vehicle cleaning, and water misting applications.
Franklin Electric says the acquisition expands its addressable market by more than $1 billion and broadens its installed base of customers. Cat Pumps’ business also brings a steady stream of recurring aftermarket parts and accessory sales — a revenue stream that helps explain the target company’s financial profile. Cat Pumps posted $45 million in adjusted EBITDA on that $115 million in 2025 revenue, an adjusted EBITDA margin of roughly 39% that significantly exceeds standard industrial machinery averages, per figures reported by the Distribution Strategy Group.
Global Footprint Meets a Fort Wayne Buyer
Beyond its Minneapolis headquarters, Cat Pumps maintains international sales offices and facilities in the United Kingdom, Germany, and Belgium, employing roughly 100 workers in the U.S. and 75 overseas, according to a report from Cleaner Times. Franklin Electric says it plans to use its own international distribution network to expand Cat Pumps’ reach in industrial and infrastructure markets outside North America…