DXP Enterprises, Inc. Announces the Acquisition of C.W. Rod Tool Company; Terms Not Disclosed
DXP Enterprises, Inc. (NASDAQ: DXPE) announced today it has completed the acquisition of substantially all the assets of C.W. Rod Tool Company, a distributor of state-of-the-art cuttings tools, abrasives, coolants and machine shop supplies.
Financial terms of the transaction were not disclosed. The purchase price will be financed with borrowings under DXP's existing credit facility. The signing of the definitive agreement occurred on December 30, 2011. Sales and adjusted EBITDA for CW Rod for the last twelve months ending November 30, 2011 were approximately $56.9 and $7.0 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, plus depreciation and amortization, plus non-recurring items that will not continue after the completion of the acquisition.
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