First Reserve-backed Trillium Flow Technologies has agreed to sell its US pumps business, Trillium Pumps US, to Crane Company for approximately $240 million. TPU operates under the Floway, Wemco, Roto-Jet and WSP brands, providing mission-critical pumping solutions primarily to municipal water and wastewater markets. Its installed base drives recurring service, repair, retrofit and replacement demand throughout the asset lifecycle.

The transaction is expected to close later this year, subject to regulatory approvals and other customary conditions. Crane Company, an industrial manufacturing and technology company, is the buyer.

"TPU's performance and market position reflect the strength of the business and the work accomplished through our partnership with the Trillium management team," said Jeff Quake, managing partner at First Reserve. First Reserve, founded in 1983, invests across infrastructure, energy, utility and industrial markets and has raised more than $35 billion in aggregate capital since inception, completing more than 750 transactions including platform investments and add-on acquisitions.

J.P. Morgan Securities is serving as financial advisor to Trillium and First Reserve, with Freshfields serving as legal advisor.