DXP Enterprises acquires Tool Supply
DXP Enterprises has acquiredTool Supply Inc., a distributor of cutting tools, abrasives, coolants and machine shop supplies.
Founded in 1978, Tool Supply is headquartered in Tualatin, Oregon and operates out of three locations, Tualatin and Eugene, Oregon and Rancho Cucamonga, Calif. Tool Supply is focused on serving customers in the transportation-aircraft, general industrial machining, wood processing, aerospace and OEM markets with approximately 13 employees.
Financial terms of the transactions were not disclosed. Tool Supply had sales of approximately $4.8 million and earnings of $1.2 million in the last 12 months.
“We are pleased to welcome the Tool Supply employees to the DXP team. Tool Supply is a professional, well-run business focused on providing solutions to its customers. Tool Supply will expand DXP's Metal Working division and allow us to continue to serve our customers’ evolving needs. Tool Supply is a great company with key differentiators within cutting tools and provides us with high caliber people,” said David Little, DXP chief executive officer.
"Tool Supply brings a high level of technical expertise within cutting tools and a unique business model. We are excited to join the DXP team. We have a great group of people joining DXP, and are excited for the next stage of growth and helping DXP provide a meaningful presence on the Western side of the United States as well as within the cutting tool market," added Pat Davis, president of Tool Supply.
Kent Yee, senior vice president of Corporate Development, added that Tool Supply provides DXP with a cutting tool "beachhead" in the Pacific Northwest and California.
"Tool Supply’s local market expertise combined with DXP's size and scale will help us provide better customer solutions and provide additional expansion opportunities. We anticipate this acquisition to be accretive to earnings and further expand our Metal Working products and services platform," Yee said.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
