HOUSTON--(BUSINESS WIRE)--
DXP Enterprises, Inc. (NASDAQ: DXPE) announced today the completion of
the acquisition of Alaska Pump & Supply, Inc. (“Alaska Pump”), a leading
distributor of pump products, process equipment and services for
commercial, municipal and industrial applications within Alaska.
Founded in 1978, Alaska Pump is headquartered in Anchorage, Alaska and
operates out of a single location. Alaska Pump is focused on serving
customers in the oil & gas, petrochemical, municipal, power generation,
marine and industrial markets with approximately 26 employees.
Financial terms of the transactions were not disclosed. Signing of the
definitive agreements occurred on July 1, 2013. Sales and adjusted
EBITDA for the last twelve months ending May 31, 2013 were approximately
$16.1 million and $2.4 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.
David Little, Chief Executive Officer, stated, “We are pleased to
welcome the Alaska Pump employees to the DXP team. With Alaska Pump, we
continue to build on our strategy of providing a breadth of technical
products and services on the regional and local level. Alaska Pump will
expand DXP's Rotating Equipment division within a new market for DXP and
allow us to continue to serve our customers' evolving needs. Alaska Pump
is a great company with high caliber people.”
Kent Yee, Senior Vice President Corporate Development, added further,
"Alaska Pump complements DXP's end markets and provides entry into a
geographic region we have not historically served. Alaska Pump’s local
market expertise combined with DXP's size and scale will help us provide
better customer solutions. We anticipate this acquisition to be
accretive to earnings and further expand our Rotating Equipment
division."
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and services 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’s vast product knowledge and technical expertise in pumps, bearings,
power transmission, safety and industrial supplies. DXP’s breadth of
MROP products and service solutions allows DXP to be flexible and
customer driven, creating competitive advantages for its customers.
The Private Securities Litigation Reform Act of 1995 provides a
“safe-harbor” for forward-looking statements.Certain information
included in this press release (as well as information included in oral
statements or other written statements made by or to be made by the
Company) contains statements that are forward-looking.Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future; and
accordingly, such results may differ from those expressed in any
forward-looking statement made by or on behalf of the Company.These
risks and uncertainties include, but are not limited to; ability to
obtain needed capital, dependence on existing management, leverage and
debt service, domestic or global economic conditions, and changes in
customer preferences and attitudes. For more information, review the
Company's filings with the Securities and Exchange Commission.
DXP Enterprises, Inc.
Mac McConnell, 713-996-4700
Senior Vice
President, Finance & CFO
www.dxpe.com
Source: DXP Enterprises, Inc.