Flometrico, which was sold by an owner who is retiring, is headquartered in suburban Toronto.
Peerless said March 1 that the deal adds a base it will use to grow in Canada, and that key Flometrico employees have agreed to stay under its new ownership.
In December, Peerless was sold for an undisclosed price by Monaco-based Thyssen-Bornemisza Group to Grundfos Group, a large pump maker headquartered in Denmark.
Peerless generates $110 million a year in revenue selling fresh-water pumps in markets ranging from pharmaceutical plants to offshore oil platforms to office buildings.
The company is based near Methodist Hospital, and employs nearly 300 in Indianapolis.