Water fixture giant Moen Inc. has acquired a majority share of Culver City-based Flo Technologies Inc. Terms were not disclosed.
The deal is a culmination of previous product collaborations and investments according to Flo Chief Executive Gabriel Halimi.
The companies met at CES in 2018, where Flo debuted its smart water monitoring and control system.
“We talked a little bit about where we were going and our technology, and they followed up several months later, and it was like magic. We were just kind of finishing each other’s sentences,” Halimi said. “This doesn’t really happen in the plumbing industry. … It’s very rare to find … an incumbent plumbing organization (that) understands where the future of water was going, to have their own strategy.”
Moen is part of Fortune Brands Home & Security Inc., a Deerfield, Ill.-based company with a market value of about $8.9 billion that specializes in cabinets, plumbing, doors and security products. Read rest here.