Cummins-Wagner Co. a distributor of municipal water & wastewater equipment, industrial process equipment and HVAC equipment in the mid-Atlantic region, announced Thursday that it has finalized the acquisition of F.R. Mahony & Associates, Inc. (FRMA), effective Oct. 29.
This transaction — initially announced in August 2019 — is a key part of Cummins-Wagner’s business strategy of steady, manageable growth through market penetration and acquisition. It marks the company's first acquisition since its February 2018 addition of EESCO Pump & Valve (Baltimore, MD).
"The combination of Cummins-Wagner and FRMA creates a company with greater scale and resources to continue and expand our ability to provide experienced engineered sales & service in water and wastewater treatment applications," said Doug Ardinger, company president and CEO.
"Teaming up with Cummins-Wagner brings stability for the future of the company. It will provide resources to ensure FRMA will continue to grow and continue to thrive." added Ed Quann, president of FRMA.
All of FRMA employees have transferred over and will become part of Cummins-Wagner’s 100% Employee Stock Ownership Plan (ESOP). “The ESOP is a tremendous benefit and we are excited to have FRMA personnel become fellow employee-owners and participate in the future success of the company,” said David Palmer, VP / CFO of Cummins-Wagner.
With $135 million in 2019 total sales, Cummins-Wagner was No. 49 on Industrial Distribution's 2020 Big 50 List. Founded in 1960, Cummins-Wagner has grown to 270 employees and 14 locations. The company is 100 percent employee-owned through the Cummins-Wagner Employee Stock Ownership Trust. Cummins-Wagner is headquartered in Annapolis Junction, MD with branch offices in Maryland, New York, Pennsylvania, Delaware, Virginia and Florida.
