Pump Acquisitions and Market Shares

August 2022


·         IR Acquired Indian Pump, Filter and Systems Companies

·         HIG-United Flow Technology Buys Shape to Add to Southwest Valve

Market Share

·         Bungartz has Revenues of $11 Million and Adds Rotary Piston Pump to Centrifugals

·         Spirax Sarco is a Leader in Pharma Peristaltic Pumps

·         FGD is a Significant Niche Market for Large Slurry Pumps



IR Acquired Indian Pump, Filter and Systems Companies

Ingersoll Rand Inc., has entered into agreements to acquire Holtec Gas Systems LLC, Shanghai Hanye Air Purifying Technology Co., Ltd, and Hydro Prokav Pumps (India) Private Limited for a combined cash purchase price of approximately $35 million.

Holtec and Hanye expand Ingersoll Rand’s air treatment capabilities and enhance the breadth of solutions provided for the larger compressor ecosystem. They will both join the Industrial Technologies and Services segment.

Based in Saint Charles, Missouri, Holtec is an internationally recognized nitrogen generator manufacturer, and the recipient of the 2022 President’s “E” Award. Holtec offers expertly designed onsite nitrogen generation systems for industrial, food & beverage and manufacturing applications and has annual revenue of approximately $10 million.

Based in Shanghai, China, Hanye is an OEM supplier of air treatment products with several unique patents in China around desiccant and refrigerated compressed air dryers and air filters. Hanye has annual revenue of approximately $4 million.

Based in Coimbatore, India, Hydro Prokav manufactures and sells progressive cavity pumps with more than 80% of its approximately $6 million in annual revenue coming from aftermarket parts. Hydro Prokav expands Ingersoll Rand’s presence in progressive cavity pumps and serves as a complementary addition to the recent Seepex acquisition to further penetrate the growing market in India and southeast Asia. Hydro Prokav will join the Precision and Science Technologies segment.

“Through the use of Ingersoll Rand Execution Excellence (IRX), we continue to execute on our robust M&A funnel. The acquisitions of Holtec, Hanye and Hydro Prokav demonstrate our commitment to finding highly adjacent bolt-ons which add products, capabilities and technologies that enhance the quality of our overall portfolio while expanding our addressable market,” remarked Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “All three of these acquisitions are directly aligned with our stated M&A strategy, and we see meaningful opportunity to drive incremental synergies across our global businesses to generate shareholder value.”

The acquisitions of Holtec and Hydro Prokav are expected to be completed during the third quarter of 2022. The acquisition of Hanye is expected to be completed during the fourth quarter of 2022.

HIG-United Flow Technology Buys Shape to Add to Southwest Valve

H.I.G. Capital, a leading global alternative investment firm with $50 billion of equity capital under management,  announce that its portfolio company, United Flow Technologies (“UFT”), a platform established to invest in the municipal and industrial water and wastewater market, has completed the acquisitions of Shape, Inc., Engineered Equipment Solutions (“EES”), Newman Regency Group and Southwest Valve & Equipment. UFT has completed seven acquisitions since its formation in July 2021.

These acquisitions represent four leading providers of best-in-class products and value-added services to the municipal water and wastewater markets throughout the United States, and accelerate UFT’s strategic entry into new territories, product categories and OEM partnerships.

As part of the transactions, UFT will partner with the leadership teams of each business to support their growth initiatives within an integrated and operationally cohesive UFT, with each business’ leadership team and brand remaining in place. Additionally, each of the key principals from each acquired company will become shareholders of UFT. Terms of the transactions were not disclosed.

Founded in 1979 and headquartered in Pleasanton, CA, Shape is a provider of pumps and process equipment to the municipal water and wastewater markets. Shape provides industry-leading products and repair services to its customers via multiple offices throughout California.

Founded in 2003 and headquartered in State Center, IA, EES is a provider of process equipment products and services to the municipal water and wastewater markets. EES offers high quality, innovative solutions to its customers via multiple offices across Iowa, Colorado and Nebraska..

Founded in 1999 and headquartered in Stafford, TX, Newman Regency is a provider of process equipment products and services to the municipal water and wastewater markets. Newman Regency provides market-leading products from top-tier manufacturers to its customers via multiple offices across Texas and Oklahoma..

Founded in 2001 and headquartered in Fresno, CA, Southwest Valve is a provider of flow control products and services to the municipal water and wastewater markets. Southwest Valve offers its customers the most up-to-date sustainable custom manufacturing solutions via multiple offices across California, Nevada, Arizona and New Mexico..

United Flow Technologies is a platform established in July 2021 to invest in the municipal and industrial water and wastewater market. UFT partners with leading equipment providers to provide world class products, efficient solutions, and valuable services to municipalities and industrial customers across the United States.

H.I.G. is a leading global alternative assets investment firm with $50 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

1.    H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.

2.    H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

3.    H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

4.    H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion.

Market Share

Bungartz has Revenues of $11 Million and Adds Rotary Piston Pump to Centrifugals

Bungartz introduced a new rotary piston pump at Achema.  Bungartz is a family company which has made centrifugal pumps since the 1930s.


Frank Bungartz is the present CEO. Clients include Wacker, BASF, Yara and other major chemical companies.

2020 revenues were Euro 10.7 million. Marketing includes articles in German language  magazines and a few in international publications.

·   01/21 Verfahrenstechnik online: Sichere und zuverlässige Förderung mit Spezialkreiselpumpen

·   01/21 Prozesstechnik: Tauchpumpen für anspruchsvolle Anwendungen

·   10/20 CITPlus: Pumpenstillstände vermeiden - Eigensichere und energieeffiziente Lösung für die Praxis

·   01/17 MaschinenMarkt Österreich: Ausfallsicher Kosten senken

·   09/16 Chemical Engineering: Slurry pumps for tough process conditions

·   09/16 Chemical Engineering: Magnetic Coupling Pumps: Structure, Function and Best Practice

·   08/16 World Pumps: Magnetically coupled pumps prove their worth

·   08/16 Chemical Engineering: These pumps solve problems

·   08/16 VGB Power Tech: Cavitation-free, intrinsically safe pumping of condensates


Spirax Sarco is a Leader in Pharma Peristaltic Pumps


The biopharmaceutical industry is booming. Sales of peristaltic pumps are growing at double digit rates. Suppliers are largely flow and treat companies with multiple products. One of the leaders, Watson Marlow is part of Spirax Sarco which  has the following market shares.



Despite Flow and Treat revenues of more than $1 billion the company has only a 0.2% market share in this broader market. Its share of the pump market is well less than 1%.  However, it has an 8% share of the pharmaceutical pump market. There are six types of rotary pumps of which peristaltic is one. This leader has a 30% share of this product segment but just in pharmaceuticals. Its share with certain customers such as Regeneron is 70% or more.

Certain aspects of the pharmaceutical peristaltic pump market are unique at the present time.  One is the value of early delivery. With the need for much greater vaccine production, the demand for peristaltic pumps is extending delivery dates. So this is a cost of ownership factor which needs to be considered.

FGD is a Significant Niche Market for Large Slurry Pumps

China will build 33,000 MW of FGD systems this year. Most will incorporate wet limestone FGD systems. This will require an investment of over $30 million for slurry pumps. FGD pump repairs to the 900,000 MW already in place will require another $40 million investment in FGD slurry pumps.

Weir (now Trillium) and KSB dominated the market. Chinese and other suppliers have been increasing their market share recently.

The market hierarch is as follows.


Dry systems require only a small investment in pumps. Wet systems require a big investment. Other process decisions also impact the market. It is necessary to understand the processes and predict which will be used. The market for FGD pumps was determined by this method.


There are differences in the pump requirement depending on the reagent and the design of the absorber. A tray tower relies on fan energy for mass transfer. A spray tower relies on twice as much slurry for the same result but with lower fan energy. The preference is for spray towers. However, McIlvaine predicts that tray towers will gain market share over the next five years.

Both types require the same amount of limestone slurry feed. However, Chinese plants opt for regional dry grinding rather than purchase of ball mills for wet grinding at the plant.

Most plants use forced oxidation and make wall board quality gypsum. Natural oxidation results in a very difficult sludge which may require reciprocating pumps as the slurry is mixed with lime to make a landfill product.

Market Shares of pump companies for this application are impacted by the choice of absorber, method of grinding, and other process choices.


The future market will be impacted by the move away from coal. But  the Russian invasion of Ukraine and the Chinese decision to rely on clean coal are factors which will extend coal use.  Also many Asian countries are moving forward with coal plant plans.