DXP Enterprises, Inc. Announces Acquisition of Industrial Paramedic Services; Terms Not Disclosed
DXP Enterprises, Inc. (NASDAQ: DXPE) announced today the completion of the acquisition of Industrial Paramedic Services.
Founded in 1995, Industrial Paramedic Services is headquartered in Calgary, Alberta and operates out of three locations in Calgary, Nisku and Dawson Creek. IPS is focused on serving customers in the oil and gas, forestry, mining and construction markets in Western Canada with a substantial footprint in the Alberta Oil Sands.
Financial terms of the transactions were not disclosed. The purchase price was financed with borrowings under DXP's existing credit facility, promissory notes and shares of DXP common stock. Signing of the definitive agreement occurred on May 2, 2012. Sales and adjusted EBITDA for the last twelve months ending April 30, 2012 were approximately $21 million and $4 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 acquisition.
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