Bessemer Investors Announces Sale of Leonard Valve Company to A. O. Smith Corporation

NEW YORK, Jan. 6, 2026 /PRNewswire/ -- Leonard Valve Company ("Leonard Valve" or the "Company"), a leading provider of water temperature and flow control solutions, and Bessemer Investors LLC ("Bessemer"), a New York-based investment firm, today announced that Bessemer has completed the sale of Leonard Valve to A. O. Smith Corporation ("A. O. Smith") (NYSE: AOS). A. O. Smith previously announced the signing of a definitive agreement to acquire Leonard Valve on November 12, 2025.

Bessemer invested in Leonard Valve in 2019 alongside third-generation owner, Niles Wilcox. Since then, Bessemer has partnered with Mr. Wilcox and the Leonard Valve team to execute a succession plan, enhance the management team, and support organic growth, operational initiatives and strategic M&A. During Bessemer's ownership, Leonard Valve expanded its digital and thermostatic mixing portfolio and acquired Heat-Timer Corporation, a leading supplier of commercial heating controls and energy management systems, creating a broader platform in water and hydronic system management.

Founded in 1911 and headquartered in Cranston, Rhode Island, Leonard Valve designs and manufactures water temperature control valves, digital and thermostatic mixing systems, and related monitoring devices used in hospitals, schools, universities, industrial facilities and other institutional and commercial settings. Together with its Heat-Timer brand of advanced boiler controls, Leonard Valve helps customers ensure safe, precise and efficient control of water temperature and hydronic heating in demanding environments.

"From our first conversations with Niles, it was clear that Leonard Valve was an ideal fit for Bessemer – a long-standing market leader providing mission-critical applications that promote health and safety," said David Barr, Managing Director at Bessemer. "Our focus has been to support a smooth transition of ownership and leadership, invest behind the Company's growth and help position Leonard Valve for its next chapter."

"Over the last six years, we have built an industry-leading team, refreshed our go-to-market strategy, and expanded our product offering with the addition of Heat-Timer," added Matthew Labovitz, Principal at Bessemer. "Together we have tripled our digital and connected offerings, grown our market share and helped position the Leonard and Heat-Timer brands as the market leaders for health, safety and energy efficiency. We look forward to watching Leonard's continued success as they join A. O. Smith."

"The Bessemer team delivered on everything we set out to accomplish together, and then some. I could not have asked for a better partner and steward of the Leonard Valve legacy," said Niles Wilcox, prior owner and former Chief Executive Officer of Leonard Valve.

"Bessemer has been a highly supportive and value-added partner for Leonard Valve," said David Brakenwagen, Chief Executive Officer of Leonard Valve. "With their backing, we have invested in our people and technology, broadened our solutions and enhanced our ability to serve critical institutional and commercial customers. Joining A. O. Smith will help accelerate adoption of our digital and thermostatic mixing solutions, expand our advanced boiler control offering, and deliver an even more integrated product suite."

Jefferies LLC and Robert W. Baird & Co. served as financial advisors to Bessemer Investors, and Sidley Austin LLP served as legal counsel. BofA Securities served as exclusive financial advisor, and Foley & Lardner LLP served as legal advisor to A. O. Smith Corporation.

About Leonard Valve
Leonard Valve Company, headquartered in Cranston, Rhode Island, is a designer and manufacturer of water temperature control valves, digital and thermostatic mixing systems, and monitoring devices used in institutional, commercial and industrial applications. Leonard Valve is recognized as a leader in digital and thermostatic mixing valve technologies, while its Heat-Timer brand provides advanced boiler controls and energy management solutions that optimize hydronic heating. For further information, please visit https://www.leonardvalve.com/.

About Bessemer Investors
Bessemer Investors is a New York-based investment firm focused on partnering with middle market businesses to support growth and enhance value creation. Bessemer differentiates itself by combining a long-term, flexible capital base with a team of experienced private equity professionals. This approach offers unique solutions to Bessemer's partners and the flexibility to maximize long-term value. For further information, please visit https://www.bessemerinvestors.com.

About A. O. Smith
A. O. Smith Corporation, with headquarters in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the Company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment products. For more information, visit www.aosmith.com.

Contact:

Lambert by LLYC

Joanne Lessner, jlessner@lambert.com, 212-222-7436
Caroline Luz, cluz@lambert.com, 203-570-6462

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SOURCE Bessemer Investors LLC