DXP Enterprises, Inc. Announces Three Tuck-in Acquisitions; Financial Terms Not Disclosed
DXP Enterprises, Inc. (NASDAQ: DXPE) announced today the completion of three acquisitions: Pump & Power Equipment, Inc., Aledco, Inc. and Force Engineered Products, Inc. Pump & Power, Aledco and Force are all leading distributors of pump products, process equipment and services in their respective markets with approximately 32 employees. With these three acquisitions, DXP continues to grow its key Rotating Equipment product division while adding significant talent and local market expertise.
Financial terms of the transactions were not disclosed. Signing of the definitive agreements occurred on February 29th for Pump & Power and March 30, 2012 for Aledco and Force. Sales and adjusted EBITDA for the three acquisitions for the last twelve months ending January 31, 2012 were approximately $12 million and $2 million, 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 acquisitions.
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