DXP Enterprises Announces Acquisition of Mid-Continent Safety; Terms Not Disclosed
DXP Enterprises, Inc. (NASDAQ: DXPE) announced today the completion of the acquisition of substantially all the assets of Mid-Continent Safety, LLC.
Founded in 1938, Mid-Continent Safety is headquartered in Wichita, Kansas and operates out of three locations in Kansas, Nebraska and Oklahoma. Mid-Continent is focused on serving customers in the oil & gas, refining, power and general industrial markets. Mid-Continent provides safety instrumentation, fall and hand protection and other related safety products with approximately 19 employees.
Financial terms of the transaction were not disclosed. Signing of the definitive agreement occurred on January 31, 2012. Sales and adjusted EBITDA for Mid-Continent for the last twelve months ending December 31, 2011 were approximately $10 million and $850 thousand, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortization, and non-recurring items that will not continue after the completion of the acquisition.
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