On June 15, 2018, Annovi Reverberi Group, the Italian manufacturer of diaphragm pumps for agriculture applications, high pressure washers and piston pumps for industrial applications, announced the acquisition of a 95% stake in Ace Pump Corp. (“Ace Pumps”), a U.S. manufacturer of pump solutions for agricultural and off-highway applications. Andy Randle, CEO of the company, will retain a 5% stake in Ace Pumps.
Based in Memphis Tenn., Ace Pumps is a manufacturer of 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.
Mario Reverberi and Stefano Reverberi, Co-CEOs of Annovi Reverberi Group, have commented as follows: “The acquisition of Ace Pumps represents a landmark moment for Annovi Reverberi Group. We believe Annovi Reverberi is the ‘natural home’ to Ace Pumps, given the strong complementarity of their products, the possibility of exploiting synergies in the US and abroad, and the “’customer oriented’ philosophy shared by the management teams of both companies. 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, former President and new CEO of Ace Pumps, have commented as follows: “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.”