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With the purchase of industrial rubber products distributor Lewis-Goetz and Company this month, European distributor ERIKS nv now has more than $700 million in North American sales. With nearly $400 million in sales for 2011, Lewis-Goetz is the lion’s share of that.
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“The acquisition of Lewis-Goetz brings ERIKS the perfect growth platform in North America in fabricated hose, gaskets and conveyer belts that we have been looking for," said Johan Sleebus, chairman of ERIKS Executive Board, after the acquisition announcement was made.
According to Sleebus, North America is now “the single most important market for ERIKS.”
The privately-held distributor is buying platforms for growth in North America. In 2010, ERIKS bought Rawson Inc., an instrumentation and valve distributor in Houston with 17 branches and more than $100 million in revenue. Another smaller flow control distributor, The Newdell Company, was also acquired.
In October of this year, ERIKS acquired Industrial Controls, a distributor of controls, instrumentation, automation and automated valves in the U.S. with 17 branches with annual sales of $84 million.
And now ERIKS owns Lewis-Goetz. Lewis-Goetz CEO Jeff Crane told MDM recently that ERIKS views these companies as platforms for growth in their individual product specialties. There are no immediate plans to merge these businesses together.
“They’re not forcing these businesses together,” Crane said in Behind ERIKS’ Acquisition of Lewis-Goetz in the latest issue of MDM Premium . “… ERIKS represents to us very patient capital. When you have patient capital you can take your time and do things very strategically.”
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