SBP Holdings Acquires Watts

The provider of inspection and testing services, repairs and specialized rental activities has acquired a hydraulic repair company.
Lifting and rigging company The Crosby Group said it will combine its business with the KITO CORPORATION, a Japan-based material handling manufacturer with 90 years of experience in the development and production of hoists and cranes.

SBP Holdings acquired Watts Steam Store, a sales and repair provider for hydraulic products, and its subsidiaries.

Financial terms were not announced.

SBP Holdings provides “mission-critical” components, inspections, testing services, repairs and specialized rental activities in North America.

Watts Steam Store, which opened in 2004 under owners Tracy and Stanley Watts, is expected to operate within the fluid power/automation platform (Dakota Fluid Power) for SBP Holdings.

Watts operates three locations in Twin Falls and Idaho Falls, Idaho, and Ogden, Utah, with approximately 35 team members. The company provides sales and repair services for hydraulic products, including hose, pumps, cylinders and filtration, and manufactures, sells and services industrial pressure washing equipment.

“We are truly excited about teaming up with Tracy and Stanley and the team at Watts to continue to expand our fluid power offering and geographic footprint,” SBP CEO Craig Osborne said. “Fluid Power continues to be a large addressable market with tremendous opportunity for growth and there is no question we have a solid base and the ability to expand.”

With the acquisition, SBP Holdings will increase its North America footprint to about 100 locations with more than 1,300 employees.

For more M&A news, read MDM’s coverage of November 2021’s activity.

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