AERCO International, Inc.
10-K - Feb 29, 2016
On December 1, 2014, we completed the acquisition of AERCO, in a share purchase transaction. The aggregate purchase price was $271.5 million and was financed from a borrowing under the Company's Cr...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Watts Water Technologies Inc.
WTSActiveCIK 795403 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, WTS filings, SEC EDGAR
$9,914
Market cap ($MM)
$9,737
Enterprise value ($MM)
$2,558
Revenue · LTM ($MM)
$556
EBITDA · LTM ($MM)
22%
EBITDA margin
3.8x
EV / revenue
17.5x
EV / EBITDA
-0.3x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WTS 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, WMS, MWA, ECL.
Balance sheet & capacity
Indicative capacity read: -0.3x net debt / EBITDA with EBITDA of $556MM.
$375
Cash & equiv. ($MM)
$198
Total debt ($MM)
($177)
Net debt ($MM)
-0.3x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WTS versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
WTS versus available Water Infrastructure & Treatment Equipment peers and SPY.
+129%
WTS
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 |
|---|---|---|---|---|---|---|---|---|---|
| Watts Water Technologies Inc. | WTS | $2,558 | $556 | 22% | $9,914 | $9,737 | 3.8x | 17.5x | -0.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WTS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
56
Active years
18
Named deals
3
Avg / active year
3.1
Acq. cash outflow ($MM)
N/A
Banker read
- 01WTS reads as a programmatic acquirer: 56 disclosed acquisitions across 18 active years, or 3.1 per active year. The chart shows activity in 5 of the last 12 visible years.
- 02In the last three years, the file shows 0 acquisitions versus 2 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $1.6B of disclosed spend is concentrated in lumpy years, with FY23 the largest year at $313MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
WTS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
0 / 2
Last three years is down 100% vs prior three.
Peak count year
FY16
3 disclosed acquisitions in the peak visible year.
Recent spend
$667MM
is up 895% vs prior three; peak FY23 at $313MM.
Named evidence
3 rows
5.4% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Dec 1, 2014 | AERCO International, Inc. | Water infrastructure, treatment, and equipment | $272 | On December 1, 2014, we completed the acquisition of AERCO, in a share purchase transaction. The aggregate purchase price was $271.5 million and was financed from a borrowing un... | 10-K† |
| Apr 29, 2011 | Danfoss Socla S.A.S. | Water infrastructure, treatment, and equipment | $172 | On April 29, 2011, the Company completed the acquisition of Danfoss Socla S.A.S. (Socla) and the related water controls business of certain other entities controlled by Danfoss... | 10-K† |
| Nov 30, 2015 | Apex Valves Limited | Water infrastructure, treatment, and equipment | $20 | On November 30, 2015, we completed the acquisition of 80% of the outstanding shares of Apex, a New Zealand company, with a commitment to purchase the remaining 20% ownership wit... | 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 6 SEC-backed facts across 2 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
22
Named deal filings
2
Recent SEC filings
0
Evidence clips
3
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 23, 2026 | Annual M&A 10-K | warning (1 warn) | N/A | $257MM | N/A | SEC filing |
| FY2024 | Feb 18, 2025 | Annual M&A 10-K | warning (1 warn) | N/A | $96.3MM | N/A | SEC filing |
| FY2023 | Feb 21, 2024 | Annual M&A 10-K | warning (1 warn) | N/A | $313MM | N/A | SEC filing |
| FY2022 | Feb 21, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 22, 2022 | Annual M&A 10-K | warning (1 warn) | N/A | $9.1MM | N/A | SEC filing |
| FY2020 | Feb 18, 2021 | Annual M&A 10-K | warning (1 warn) | 1 | $15.2MM | N/A | SEC filing |
| FY2019 | Feb 20, 2020 | Annual M&A 10-K | warning (1 warn) | N/A | $42.7MM | N/A | SEC filing |
| FY2018 | Feb 22, 2019 | Annual M&A 10-K | warning (1 warn) | N/A | $1.7MM | N/A | SEC filing |
| FY2017 | Feb 23, 2018 | Annual M&A 10-K | warning (1 warn) | N/A | $0.1MM | N/A | SEC filing |
| FY2016 | Feb 24, 2017 | Annual M&A 10-K | accepted | 3 | $88.0MM | $84.0MM | SEC filing |
| FY2015 | Feb 29, 2016 | Annual M&A 10-K | accepted | 1 | $20.4MM | $20.4MM | SEC filing |
| FY2014 | Feb 26, 2015 | Annual M&A 10-K | accepted | 1 | $272MM | $272MM | SEC filing |
| FY2013 | Feb 27, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Feb 27, 2013 | Annual M&A 10-K | warning (1 warn) | 1 | $17.5MM | N/A | SEC filing |
| FY2011 | Feb 28, 2012 | Annual M&A 10-K | accepted | 1 | $166MM | $172MM | SEC filing |
| FY2010 | Mar 1, 2011 | Annual M&A 10-K | accepted | 2 | $36.3MM | $36.1MM | SEC filing |
| FY2009 | Mar 1, 2010 | Annual M&A 10-K | warning (1 warn) | N/A | $0.3MM | N/A | SEC filing |
| FY2008 | Feb 27, 2009 | Annual M&A 10-K | warning (1 warn) | N/A | $177MM | N/A | SEC filing |
| FY2007 | Feb 29, 2008 | Annual M&A 10-K | warning (1 warn) | 2 | $22.6MM | $23.6MM | SEC filing |
| FY2006 | Mar 1, 2007 | Annual M&A 10-K | warning (1 warn) | N/A | $93.4MM | N/A | SEC filing |
| FY2004 | Mar 16, 2005 | Annual M&A 10-K | warning (1 warn) | 2 | $68.5MM | N/A | SEC filing |
| FY2003 | Mar 12, 2004 | Annual M&A 10-K | warning (1 warn) | 2 | $18.6MM | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.2 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 29, 2016 | 10-K | AERCO International, Inc.; Apex Valves Limited | Annual M&ANamed deals | SEC filing |
| Feb 28, 2012 | 10-K | Danfoss Socla S.A.S. | 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.3 rows+-
Medium
Danfoss Socla S.A.S. acquisition
10-K - Feb 28, 2012
On April 29, 2011, the Company completed the acquisition of Danfoss Socla S.A.S. (Socla) and the related water controls business of certain other entities controlled by Danfoss A/S, in a share and ...
Apex Valves Limited
10-K - Feb 29, 2016
On November 30, 2015, we completed the acquisition of 80% of the outstanding shares of Apex, a New Zealand company, with a commitment to purchase the remaining 20% ownership within three years of c...
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.