MINNEAPOLIS—Polyurethane and spray foam machinery maker Graco Inc. is buying the stock of Pennsylvania-based High Pressure Equipment (HiP) for $160 million and expects completion of the transaction in the first quarter.
The firm said it also reached an agreement to acquire Utah-based White Knight Fluid Handling, projecting it to close in January 2015.
“The acquisitions we are announcing today support our strategic growth plans to expand into new markets and geographies, while diversifying our portfolio of precision products for critical applications,” said Patrick McHale, Graco president and CEO.
Graco said the four businesses reached aggregate sales of around $50 million and EBITDA of $17 million over the most recent twelve month period.
HiP designs and manufactures valves, fittings and other flow control equipment engineered to perform in ultra-high pressure environments, from 10,000 to 150,000 psi.