HOUSTON--(BUSINESS WIRE)--
DXP Enterprises, Inc. (NASDAQ: DXPE) announced today the completion of
the acquisition of substantially all the assets of Tucker Tool Company,
Inc. (“Tucker Tool”), a leading distributor of state-of-the-art cutting
tools, abrasives, coolants and machine shop supplies.
Founded in 1979, Tucker Tool is headquartered in Mechanicsburg,
Pennsylvania and operates out of a single location. Tucker Tool is
focused on serving customers in the chemical, oil & natural gas, power
generation, general engineering and transportation markets with
approximately 10 employees.
Financial terms of the transactions were not disclosed. Signing of the
definitive agreements occurred on May 17, 2013. Sales and adjusted
EBITDA for the last twelve months ending April 30, 2013 were
approximately $8 million and $1 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 Tucker Tool employees to the DXP team. Tucker Tool is a
professional, well-run business focused on providing solutions to its
customers. Tucker Tool will expand DXP's Metal Working division and
allow us to continue to serve our customers' evolving needs. Tucker Tool
is a great company with high caliber people.”
"Tucker Tool brings a high level of technical expertise within cutting
tools. We are excited to have the Tucker Tool team join us and become an
integral business within our Northeast region. We have a great group of
people joining DXP, and are excited for the next stage of growth,"
stated Todd Hamlin, Senior Vice President of Service Centers.
Kent Yee, Senior Vice President Corporate Development, added further,
"Tucker Tool strengthens our regional offering and complements DXP's end
markets. Tucker Tool’s local market expertise combined with DXP's size
and scale will help us provide better customer solutions, accelerate
growth in the region and provide additional expansion opportunities. We
anticipate this acquisition to be accretive to earnings and further
expand our Metal Working products and services platform."
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.