Minneapolis-based 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 purchase during the first quarter of this year.
In addition, the company announced its agreement to acquire Utah-based White Knight Fluid Handling, a deal it expects to close this month.
CEO and President Patrick McHale said: “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.”
According to a Graco press release, the four businesses reached aggregate sales of around $50 million.
HiP of Erie, Pa., 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.