Release time : 2015-06-15 11:05:44
DXP Enterprises, Inc. DXPE announced today the completion of the acquisition of PFI, LLC. The purchase price of approximately $65 million was financed with borrowings from a new $200 million senior credit facility.
The acquired business is headquartered in Massachusetts and operates out of locations in Georgia, North Carolina, Illinois, Ohio, Texas, California, Massachusetts and Florida. PFI, LLC distributes fasteners, rivets, Ball bearings and hose clamps.
The sales and EBITDA (earnings before interest, taxes, depreciation and amortization) for the acquired business for the year ended May 3, 2008 were approximately $71.9 million and $13.3 million, respectively. EBITDA was calculated as income before tax of approximately $10.8 million, plus interest of approximately $2.2 million, plus depreciation and amortization of approximately $0.3 million.
Mac McConnell, Chief Financial Officer, stated, we anticipate this acquisition to be immediately accretive to earnings.
DXP is represented by Stephens Inc. in this transaction.
DXP Enterprises, Inc. is a leading products Stainless Steel Bearings and service distributor focused on adding value and total cost savings solutions to MRO and OEM customers in virtually every industry since 1908. DXP provides innovative pumping solutions, integrated supply and MROP (maintenance, repair, operating and production) services that emphasize and utilize DXP vast product knowledge and technical expertise in pumps, Water Pump Bearings, power transmission, seals, hose, safety, fluid power, and electrical and industrial supplies. DXP breadth of MROP products and service solutions allows DXP to be flexible and customer driven, creating competitive advantages for its customers.