Acquisition of Krausz
10-K - Nov 19, 2021
On December 3, 2018, we completed our acquisition of the outstanding equity of Krausz, a manufacturer of pipe couplings, grips and clamps with operations in the United States and Israel, for $140.7...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Mueller Water Products, Inc.
MWAActiveCIK 1350593 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, MWA filings, SEC EDGAR
$4,126
Market cap ($MM)
$4,158
Enterprise value ($MM)
$1,464
Revenue · LTM ($MM)
$336
EBITDA · LTM ($MM)
23%
EBITDA margin
2.8x
EV / revenue
12.4x
EV / EBITDA
0.1x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01MWA 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, ECL.
Balance sheet & capacity
Indicative capacity read: 0.1x net debt / EBITDA with EBITDA of $336MM.
$421
Cash & equiv. ($MM)
$452
Total debt ($MM)
$31
Net debt ($MM)
0.1x
Net debt / EBITDA
Valuation
Where it trades against its peer set
MWA versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
MWA versus available Water Infrastructure & Treatment Equipment peers and SPY.
+78%
MWA
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 |
|---|---|---|---|---|---|---|---|---|---|
| Mueller Water Products, Inc. | MWA | $1,464 | $336 | 23% | $4,126 | $4,158 | 2.8x | 12.4x | 0.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
MWA's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
32
Active years
10
Named deals
6
Avg / active year
3.2
Acq. cash outflow ($MM)
N/A
Banker read
- 01MWA reads as a programmatic acquirer: 32 disclosed acquisitions across 10 active years, or 3.2 per active year. The chart shows activity in 7 of the last 10 visible years.
- 02In the last three years, the file shows 2 acquisitions versus 2 in the prior three; recent activity is broadly steady versus the prior three-year period.
- 03Spend changes the read: $232MM of disclosed spend is concentrated in lumpy years, with FY19 the largest year at $128MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
MWA count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
2 / 2
Last three years is broadly steady vs prior three.
Peak count year
FY06
2 disclosed acquisitions in the peak visible year.
Recent spend
$147MM
is up 299% vs prior three; peak FY19 at $128MM.
Named evidence
6 rows
19% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Dec 3, 2018 | Krausz | Water infrastructure, treatment, and equipment | $141 | On December 3, 2018, we completed our acquisition of the outstanding equity of Krausz, a manufacturer of pipe couplings, grips and clamps with operations in the United States an... | 10-K† |
| Feb 15, 2017 | Singer Valve | Water infrastructure, treatment, and equipment | $27 | On February 15, 2017, we acquired Singer Valve, a manufacturer of automatic control valves, and its affiliates for aggregate cash consideration of $26.6 million net of post-clos... | 10-K† |
| Feb 15, 2017 | Singer Valve | Water infrastructure, treatment, and equipment | $27 | On February 15, 2017, we acquired Singer Valve, a manufacturer of automatic control valves, and its affiliates for aggregate cash consideration of $26.6 million, net of post-clo... | 10-K† |
| Oct 3, 2005 | Mueller | Water infrastructure, treatment, and equipment | $934 | Mueller Acquisition — On October 3, 2005, Walter Industries completed the Mueller Acquisition by paying $944.0 million in cash and assuming $1.05 billion of indebtedness. Transa... | 10-K† |
| Oct 3, 2005 | Predecessor Mueller | Water infrastructure, treatment, and equipment | $934 | On October 3, 2005, pursuant to the agreement dated June 17, 2005, Walter Industries acquired all of the outstanding common stock of Predecessor Mueller for $944.0 million and a... | 10-K† |
| Oct 3, 2005 | Predecessor Mueller | Water infrastructure, treatment, and equipment | $934 | On October 3, 2005, pursuant to the agreement dated June 17, 2005, Walter acquired all of the outstanding common stock of Predecessor Mueller for $944.0 million and assumed $1.0... | 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 12 SEC-backed facts across 6 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
20
Named deal filings
6
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.20 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Nov 19, 2025 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2024 | Nov 20, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Dec 14, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | N/A | N/A | SEC filing |
| FY2022 | Nov 18, 2022 | Annual M&A 10-K | warning (1 warn) | N/A | $0.2MM | N/A | SEC filing |
| FY2021 | Nov 19, 2021 | Annual M&A 10-K | warning (1 warn) | 1 | $19.7MM | $19.7MM | SEC filing |
| FY2020 | Nov 19, 2020 | Annual M&A 10-K | warning (1 warn) | N/A | $128MM | N/A | SEC filing |
| FY2019 | Nov 20, 2019 | Annual M&A 10-K | accepted | 1 | $128MM | $141MM | SEC filing |
| FY2018 | Nov 21, 2018 | Annual M&A 10-K | quarantined (1 issue) | 0 | N/A | N/A | SEC filing |
| FY2017 | Nov 21, 2017 | Annual M&A 10-K | quarantined (1 issue) | 1 | $26.6MM | $26.6MM | SEC filing |
| FY2016 | Nov 22, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Nov 24, 2015 | Annual M&A 10-K | warning (1 warn) | N/A | $0.3MM | N/A | SEC filing |
| FY2014 | Nov 26, 2014 | Annual M&A 10-K | accepted | 1 | $10.0MM | $9.7MM | SEC filing |
| FY2013 | Nov 22, 2013 | Annual M&A 10-K | warning (1 warn) | N/A | $1.1MM | N/A | SEC filing |
| FY2012 | Nov 29, 2012 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | $1.3MM | N/A | SEC filing |
| FY2011 | Nov 29, 2011 | Annual M&A 10-K | accepted | 1 | $7.9MM | $7.9MM | SEC filing |
| FY2010 | Nov 24, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Nov 24, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Nov 26, 2008 | Annual M&A 10-K | quarantined (1 issue) | 1 | N/A | $23.0MM | SEC filing |
| FY2007 | Nov 28, 2007 | Annual M&A 10-K | accepted | 1 | $23.0MM | $23.0MM | SEC filing |
| FY2006 | Dec 21, 2006 | Annual M&A 10-K | quarantined (2 issue) | 2 | $15.6MM | $15.6MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.6 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Nov 19, 2021 | 10-K | Krausz | Annual M&ANamed deals | SEC filing |
| Nov 20, 2019 | 10-K | Singer Valve | Annual M&ANamed deals | SEC filing |
| Nov 21, 2018 | 10-K | Singer Valve | Annual M&ANamed deals | SEC filing |
| Nov 26, 2008 | 10-K | Mueller | Annual M&ANamed deals | SEC filing |
| Nov 28, 2007 | 10-K | Predecessor Mueller | Annual M&ANamed deals | SEC filing |
| Dec 21, 2006 | 10-K | Predecessor Mueller | Annual M&ANamed 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
Acquisition of Singer Valve
10-K - Nov 20, 2019
On February 15, 2017, we acquired Singer Valve, a manufacturer of automatic control valves, and its affiliates for aggregate cash consideration of $26.6 million net of post-closing adjustments. Sin...
Singer Valve acquisition
10-K - Nov 21, 2018
On February 15, 2017, we acquired Singer Valve, a manufacturer of automatic control valves, and its affiliates for aggregate cash consideration of $26.6 million, net of post-closing adjustments. Si...
Mueller Acquisition
10-K - Nov 26, 2008
Mueller Acquisition — On October 3, 2005, Walter Industries completed the Mueller Acquisition by paying $944.0 million in cash and assuming $1.05 billion of indebtedness. Transaction costs included...
Acquisition of Predecessor Mueller by Walter Industries
10-K - Nov 28, 2007
On October 3, 2005, pursuant to the agreement dated June 17, 2005, Walter Industries acquired all of the outstanding common stock of Predecessor Mueller for $944.0 million and assumed $1.05 billion...
Acquisition of Predecessor Mueller by Walter
10-K - Dec 21, 2006
On October 3, 2005, pursuant to the agreement dated June 17, 2005, Walter acquired all of the outstanding common stock of Predecessor Mueller for $944.0 million and assumed $1.05 billion of indebte...
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.