SIHI Group B.V.
10-K - Feb 18, 2016
Effective January 7, 2015, we acquired for inclusion in IPD, 100% of SIHI Group B.V. ("SIHI"), a global provider of engineered vacuum and fluid pumps and related services. The impact of the acquisi...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Flowserve Corp.
FLSActiveCIK 30625 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, FLS filings, SEC EDGAR
$9,091
Market cap ($MM)
$10,189
Enterprise value ($MM)
$4,653
Revenue · LTM ($MM)
$683
EBITDA · LTM ($MM)
15%
EBITDA margin
2.2x
EV / revenue
14.9x
EV / EBITDA
1.4x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01FLS is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is XYL, VLTO, PNR, WTS, WMS, MWA.
Balance sheet & capacity
Indicative capacity read: 1.4x net debt / EBITDA with EBITDA of $683MM.
$792
Cash & equiv. ($MM)
$1,715
Total debt ($MM)
$923
Net debt ($MM)
1.4x
Net debt / EBITDA
Valuation
Where it trades against its peer set
FLS versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
FLS versus available Water Infrastructure & Treatment Equipment peers and SPY.
+73%
FLS
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Flowserve Corp. | FLS | $4,653 | $683 | 15% | $9,091 | $10,189 | 2.2x | 14.9x | 1.4x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
FLS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
34
Active years
9
Named deals
10
Avg / active year
3.8
Acq. cash outflow ($MM)
N/A
Banker read
- 01FLS reads as a programmatic acquirer: 34 disclosed acquisitions across 9 active years, or 3.8 per active year. The chart shows activity in 8 of the last 9 visible years.
- 02In the last three years, the file shows 4 acquisitions versus 3 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $1.1B of disclosed spend is concentrated in lumpy years, with FY15 the largest year at $342MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
FLS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
4 / 3
Last three years is up 33% vs prior three.
Peak count year
FY25
2 disclosed acquisitions in the peak visible year.
Recent spend
$713MM
is up 95% vs prior three; peak FY15 at $342MM.
Named evidence
10 rows
29% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 7, 2015 | SIHI Group B.V. | Water infrastructure, treatment, and equipment | $342 | Effective January 7, 2015, we acquired for inclusion in IPD, 100% of SIHI Group B.V. ("SIHI"), a global provider of engineered vacuum and fluid pumps and related services. The i... | 10-K† |
| Oct 15, 2024 | MOGAS Industries, Inc., MOGAS Real Estate LLC and MOGAS Systems & Consulting LLC | Water infrastructure, treatment, and equipment | $315 | On October 15, 2024, we acquired for inclusion in FCD, all of the equity interests of MOGAS Industries, Inc., MOGAS Real Estate LLC and MOGAS Systems & Consulting LLC (such enti... | 10-K† |
| Oct 15, 2024 | MOGAS Industries, Inc., MOGAS Real Estate LLC and MOGAS Systems & Consulting LLC | Water infrastructure, treatment, and equipment | $306 | Effective October 15, 2024, we acquired for inclusion in FCD, all of the equity interests of MOGAS Industries, Inc., MOGAS Real Estate LLC and MOGAS Systems & Consulting LLC (su... | 10-K† |
| Jul 16, 2010 | Valbart Srl | Water infrastructure, treatment, and equipment | $199 | Effective July 16, 2010, we acquired for inclusion in FCD, 100% of Valbart Srl (“Valbart”), a privately-owned Italian valve manufacturer, in a share purchase for cash of $199.4... | 10-K† |
| Oct 28, 2011 | Lawrence Pumps, Inc. | Water infrastructure, treatment, and equipment | $88 | Effective October 28, 2011, we acquired for inclusion in the Engineered Product Division ("EPD"), 100% of Lawrence Pumps, Inc. ("LPI"), a privately-owned, U.S.-based pump manufa... | 10-K† |
| Dec 10, 2013 | Innovative Mag-Drive, LLC | Water infrastructure, treatment, and equipment | $79 | On December 10, 2013, we acquired for inclusion in Industrial Product Division ("IPD"), 100% of Innovative Mag-Drive, LLC ("Innomag"), a privately-owned, U.S.-based company spec... | 10-K† |
| Mar 31, 2014 | Naval OY | Water infrastructure, treatment, and equipment | $47 | Effective March 31, 2014, we sold our Flow Control Division's ("FCD") Naval OY ("Naval") business to a Finnish valve manufacturer. The sale included Naval's manufacturing facili... | 10-K† |
| Mar 1, 2004 | Thompsons, Kelly and Lewis, Pty. Ltd | Water infrastructure, treatment, and equipment | $12 | We acquired the remaining 75% interest in Thompsons, Kelly and Lewis, Pty. Ltd (“TKL”) an Australian manufacturer and supplier of pumps, during March 2004. The incremental inter... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 7 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
21
Named deal filings
7
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.21 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 17, 2026 | Annual M&A 10-K | accepted | 2 | $65.9MM | $72.4MM | SEC filing |
| FY2024 | Feb 26, 2025 | Annual M&A 10-K | accepted | 1 | $306MM | $315MM | SEC filing |
| FY2023 | Feb 20, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Mar 7, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 23, 2022 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Feb 23, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Feb 18, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Feb 20, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Feb 28, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 16, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Feb 18, 2016 | Annual M&A 10-K | accepted | 1 | $342MM | $342MM | SEC filing |
| FY2013 | Feb 18, 2014 | Annual M&A 10-K | quarantined (1 issue) | 1 | $76.8MM | $75.0MM | SEC filing |
| FY2012 | Feb 21, 2013 | Annual M&A 10-K | accepted | 1 | N/A | $88.2MM | SEC filing |
| FY2011 | Feb 22, 2012 | Annual M&A 10-K | accepted | 1 | $9.0B | $9.0B | SEC filing |
| FY2010 | Feb 23, 2011 | Annual M&A 10-K | accepted | 1 | $199MM | $199MM | SEC filing |
| FY2009 | Feb 24, 2010 | Annual M&A 10-K | accepted | 1 | $35.2MM | $35.2MM | SEC filing |
| FY2008 | Feb 25, 2009 | Annual M&A 10-K | quarantined (1 issue) | 2 | $3.0MM | $3.0MM | SEC filing |
| FY2007 | Feb 27, 2008 | Annual M&A 10-K | accepted | 1 | N/A | $2.3MM | SEC filing |
| FY2006 | Jun 30, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2005 | Feb 13, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Apr 27, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 26, 2025 | 10-K | MOGAS Industries, Inc., MOGAS Real Estate LLC and MOGAS Systems & Consulting LLC | Annual M&ANamed deals | SEC filing |
| Feb 18, 2016 | 10-K | SIHI Group B.V.; Naval OY | Annual M&ANamed deals | SEC filing |
| Feb 21, 2013 | 10-K | Lawrence Pumps, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 23, 2011 | 10-K | Valbart Srl | Annual M&ANamed deals | SEC filing |
| Jun 30, 2006 | 10-K | Thompsons, Kelly and Lewis, Pty. Ltd; Thompsons, Kelly & Lewis Pty. Ltd. | Annual M&ANamed deals | SEC filing |
| Feb 13, 2006 | 10-K | Thompson, Kelly & Lewis Pty. Ltd. | Annual M&ANamed deals | SEC filing |
| Feb 17, 2015 | 10-K | Innovative Mag-Drive, LLC | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
MOGAS Industries, Inc. Acquisition
10-K - Feb 26, 2025
On October 15, 2024, we acquired for inclusion in FCD, all of the equity interests of MOGAS Industries, Inc., MOGAS Real Estate LLC and MOGAS Systems & Consulting LLC (such entities collectively, "...
MOGAS acquisition
10-K - Feb 26, 2025
Effective October 15, 2024, we acquired for inclusion in FCD, all of the equity interests of MOGAS Industries, Inc., MOGAS Real Estate LLC and MOGAS Systems & Consulting LLC (such entities collecti...
Valbart Srl
10-K - Feb 23, 2011
Effective July 16, 2010, we acquired for inclusion in FCD, 100% of Valbart Srl (“Valbart”), a privately-owned Italian valve manufacturer, in a share purchase for cash of $199.4 million, which inclu...
Lawrence Pumps, Inc.
10-K - Feb 21, 2013
Effective October 28, 2011, we acquired for inclusion in the Engineered Product Division ("EPD"), 100% of Lawrence Pumps, Inc. ("LPI"), a privately-owned, U.S.-based pump manufacturer. The final pu...
Innovative Mag-Drive, LLC
10-K - Feb 17, 2015
On December 10, 2013, we acquired for inclusion in Industrial Product Division ("IPD"), 100% of Innovative Mag-Drive, LLC ("Innomag"), a privately-owned, U.S.-based company specializing in advanced...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.