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Badger Meter - M&A Summary and Business Overview

Test/measurement EquipmentCompany

Badger Meter M&A Summary

Badger Meter has acquired 12 companies, including 3 in the last 5 years. A total of 1 acquisition came from private equity firms.

Badger Meter’s largest acquisition to date was in 2025, when it acquired SmartCover Systems for $185M. Badger Meter has acquired in 8 different US states, and 4 countries. The Company’s most targeted sectors include distribution (34%) and test/measurement equipment (34%).

Badger Meter Business Overview

Where is Badger Meter headquartered?

Badger Meter is headquartered in Milwaukee, Wisconsin.

What is Badger Meter’s revenue?

Badger Meter disclosed revenue of 827M USD for 2024 and 704M USD for 2023.

How many employees does Badger Meter have?

Badger Meter has 2,210 employees.

What sector is Badger Meter in?

Badger Meter is a test/measurement equipment company.

When was Badger Meter founded?

Badger Meter was founded in 1905.

M&A Summary

  • M&A Total Activity12
    • M&A Buy Activity12
  • Total Sectors Invested 6
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 1

Badger Meter

Badger Meter, Inc.

4545 West Brown Deer Road PO Box 245036,
Milwaukee, Wisconsin 53224
United States,
(414) 355-0400
www.badgermeter.com

Badger Meter is a manufacturer and marketer of flow measurement and control products, serving water and gas utilities, municipalities and industrial customers. The Company’s products are used in a wide variety of applications, including water, oil and lubricants, and are known for their high degree of accuracy, long-lasting durability and ability to provide valuable and timely measurement information to customers. Badger Meter was founded in 1905 and is based in Milwaukee, Wisconsin.


M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.4/yr) # 10 1 - - - 1 12
vol $129M $44M $185M $358M
Sell (0.0/yr) # - - - - - - 0
  12

Most Recent M&A

Company Date Value Type
SmartCover Systems 2025-01-31 185M USD Add-on Acquisition
Escondido, California · www.smartcoversystems.com
Analytical Technology, Inc. (ATi) 2021-01-08 44M USD Add-on Acquisition
Collegeville, Pennsylvania · www.analyticaltechnology.com
s::can GmbH 2020-11-03 30M EUR Add-on Acquisition
Vienna, Austria · www.s-can.at
Innovative Metering Solutions, Inc. 2018-04-02 - Add-on Acquisition
New Port Richey, Florida
Carolina Meter & Supply Co. 2017-11-01 - Add-on Acquisition
Hampstead, North Carolina
D-Flow Technology AB 2017-04-26 23M USD Add-on Acquisition
Lulea, Sweden · www.d-flow.com
United Utilities Inc. 2015-08-17 - Add-on Acquisition
Smyrna, Tennessee
National Meter and Automation, Inc. 2014-08-12 - Add-on Acquisition
Centennial, Colorado
Aquacue Inc. 2013-04-01 14M USD Add-on Acquisition
Los Gatos, California
Racine Federated, Inc. 2012-01-02 57M USD Add-on Acquisition
Racine, Wisconsin
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Distribution 4 (33%) - - -
Test/Measurement Equipment 4 (33%) 131M (37%) - -
Environmental 1 (8%) 185M (52%) - -
Manufacturing 1 (8%) 5M (1%) - -
Semiconductors 1 (8%) 23M (6%) - -
Software 1 (8%) 14M (4%) - -
Total 12 $358M - -

By Geo

State/Country Buy Value Sell Value
United States 9 300M - -
  California 2 199M - -
  Wisconsin 1 57M - -
  Tennessee 1 - - -
  Pennsylvania 1 44M - -
  North Carolina 1 - - -
  Florida 1 - - -
  Colorado 1 - - -
  Arizona 1 - - -
Austria 1 30M - -
Sweden 1 23M - -
Switzerland 1 5M - -
Domestic 9 (75%) 300M (84%) - -
Cross-border 3 (25%) 58M (16%) - -
Total 12 $358M - -

Deal Values

buy # Total
$100M to $1B 1 $185M
< $100M 6 $173M
TOTAL $358M
Largest SmartCover Systems
$185M (2025-01-31)

M&A Connections

Deals
Acquired from
Investor(s)
8%
1 (8%)

Company Summary

SECTOR

Test/Measurement Equipment

Revenue

827   18% 2024
704   25% 2023
566   13% 2022
505   19% 2021
426   1% 2020
425   3% 2019
434   8% 2018
402   3% 2017
394   5% 2016
378   4% 2015
365   10% 2014
334   5% 2013
319   2012
(millions of USD) Show More Show Less

Employees

2,210

Established

1905

Public

NYSE: BMI

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