Latham Advises Watts Water Technologies Inc. in Acquisition of Bradley Corporation
Watts Water Technologies, Inc., (Watts) — through its subsidiaries, one of the world’s leading manufacturers and providers of plumbing, heating and water quality products and solutions — has announced an agreement to acquire Bradley Corporation (Bradley) for US$303 million, subject to customary adjustments. The net transaction value is approximately US$268 million after adjusting for the estimated net present value of expected tax benefits of approximately US$35 million. The transaction will be funded through cash on hand and the remainder from Watts’ existing revolving credit facility. The transaction is subject to customary closing conditions and necessary regulatory approvals and is expected to close in the fourth quarter of 2023.
Latham & Watkins LLP represents Watts in the acquisition with a corporate team led by Chicago partner Owen Alexander and Boston partner Stephen Ranere, with associates Sarah Loiselle and Matthew Galligan, and additional support provided by counsel Stefanie Vincent. Advice was also provided on tax matters by Washington, D.C. partner Nicholas DeNovio, with associates Abigail Friedman and Emmanuel Kassim; on employee benefits matters by Washington, D.C. partner Matthew Conway, with associates Ashlie Lawton and Bryce Williamson; on labor and employment matters by Chicago partner Nineveh Alkhas, with associate Jocelyn Wexler; on intellectual property matters by Washington, D.C. partner Morgan Brubaker, with associate Lyle Stewart; on real estate matters by Chicago partner Robert Buday, with associate Karen Ritter; on environmental, health and safety matters by Washington, D.C. partner James Barrett, with associate Brittany Curcuru; on antitrust matters by Washington, D.C. partner Jason Cruise, with associate Ethan Hoffman; on global antitrust and competition matters by Brussels counsels Philipp Studt and Tomas Nilsson; and on anti-corruption matters by San Francisco partner Scott Joiner, with associates Christopher D'Agostino and Michelle Wadolowski.