LANSING — A Mid-Michigan distributor of groundwater well equipment has been acquired by a publicly-traded national competitor.
In the deal, Fort Wayne, Ind.-based Franklin Electric Co. Inc. (Nasdaq: FELE) acquired Lansing-based Valley Farms Supply Inc. of Lansing for $9 million, according to a statement.
Valley Farms, which had consolidated annual sales of about $28 million, has three locations in Michigan and one in neighboring Indiana.
The company will operate under Headwater Companies, a wholly owned distributor for Franklin Electric.
“Valley Farms gives Headwater a leading market position in the important Michigan groundwater market and further fulfills our objective of being the leading source in groundwater systems distribution in the U.S.,” DeLancey Davis, president of Headwater Companies, said in a statement.