Italy’s Annovi Reverberi Group has taken a 95% stake in Ace Pump Corp, a US manufacturer of pump solutions for agricultural and off-highway applications. However, former President and new CEO of Ace Pumps, Andy Randle, will retain the remaining 5%.
Based in Memphis, Tennessee, Ace Pumps manufactures hydraulic motor driven, gas engine driven, PTO driven, belt driven and electric motor driven pumps for agricultural and off-highway equipment solutions. The company specializes in designing centrifugal pump solutions that operate off the electrical grid. Ace Pumps’ products are used in a variety of equipment including agricultural sprayers, asphalt milling machines, and volumetric (mix on-site) cement trucks.
Founded in 1958 and headquartered in Modena, Annovi Reverberi Group, manufactures diaphragm pumps for agriculture applications; high pressure washers; piston pumps for industrial applications; and spare parts. The group has four production plants in Europe and one in China, with products sold to more than 6000 customers through approximately 2000 distributors in over 100 countries. In financial year 2017, Annovi Reverberi Group has consolidated sales of US $213.2m with an EBITDA of approximately US $31.5m.
“The acquisition of Ace Pumps represents a landmark moment for Annovi Reverberi Group,” said Mario Reverberi and Stefano Reverberi, co-CEOs of Annovi Reverberi Group. “The combination will enhance our international presence and mark the first US production site for the group. We consider Ace Pumps a leading innovator in its segment and we are keen to work together with Ace Pumps management team in order to develop the brand outside North America where it currently realizes approx 80% of its annual turnover.”
Roy Bell III, selling shareholder and former CEO of Ace Pumps, and Andy Randle said: “We are excited about the combination with Annovi Reverberi and believe the partnership will contribute to continued growth in our business. We view Annovi Reverberi as a true partner that shares our values and will support our strong employee culture. We look forward to working together to expand the Ace Pumps product reach and drive growth both at home and abroad.”