Flowserve Corp. (NYSE: FLS) Is buying private equity-backed Sihi Group BV for €298 million (U.S. $372.5 million).

Itzehoe, Germany-based Sihi provides vacuum and fluid pumps and related products to the chemical, pharmaceutical, food and beverage and other manufacturing industries. The company is backed by TBG Europe NV, a Amstelveen, the Netherlands-based private equity firm.

Sihi has operation in Europe, the Americas and Asia. The company anticipates fiscal 2014 sales of about $350 million and Ebitda of about $37.5 million.

Flowserve, headquartered in Dallas, manufactures pumps, valves, seals and other products that it supplies to the power, oil, gas and chemical industries.

Baird advised TPG on the deal.

Manufacturing M&A has been active over the past few months. Earlier in November, Watts Water Technologies (NYSE: WTS) agreed to pay about $265 million for water heater maker Aerco International. Also in November, London private equity firm 3i Group plc invested $160 million in manufacturing company Q holding.

For more on M&A activity in the manufacturing sector, see Growth in Manufacturing M&A May Have Peaked

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