SBP Holdings acquires Watts Steam Store
SBP Holdings acquired Watts Steam Store and subsidiaries on Dec. 1.
Etablished in 2004 by brothers Tracy and Stanley Watts, Watts Steam Store operates from three locations in Twin Falls and Idaho Falls, Idaho, and in Ogden, Utah with approximately 35 team members.
Watts Steam Store will operate within the Dakota Fluid Power fluid power / automation platform for SBP Holdings. The platform is the third business vertical within the holding company along with its Industrial Rubber vertical, Singer Equities, and its Rigging and Rental vertical, Bishop Lifting Products. With this addition SBP Holdings will increase its North America footprint to approximately 100 locations with over 1,300 employees.
Watts Steam Store provides sales and repair services for all types of hydraulic products including hose, pumps, cylinders, and filtration and manufactures, sells and services a full line of industrial pressure washing equipment in several key markets including agriculture, construction, mobile equipment and in plant systems. Watts will continue to manage the Watts Steam Store operation along with his brother Stanley Watts and expand the enterprise through organic growth and cooperation with other SBP Holdings companies.
“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," said Craig Osborne, SBP CEO. "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.” Dakota Fluid Power President Rick Lindemann added “We are looking forward to having the Watts Team join our Fluid Power group! Their reputation and business model of providing quality parts and service to their customers, aligns very well with Dakota Fluid Power.”
“I feel strongly that we have teamed up with the right group to continue the Watts Steam Store tradition of supporting customers," said Tracy Watts. "We have a current relationship with companies within the SBP Holdings group and we look forward to expanding that over time.”
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