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Bessemer Investors has completed the sale of Leonard Valve Company, a Cranston, Rhode Island maker of water temperature control valves and mixing systems, to A. O. Smith Corporation. The deal was first agreed in November 2025.
A. O. Smith signed a definitive agreement to acquire LVC Holdco LLC, parent of Leonard Valve of Cranston, Rhode Island, for $470 million all-cash, subject to adjustments, with closing expected in Q1 2026.
A. O. Smith is opening the third plant at its Ciudad Juárez site, Mexico, producing 39,000 tankless water heaters in the first year, with 300 new jobs planned and production starting in January 2025.