MDM reported 19 transactions in March — either pending or completed — involving at least one distributor in the building supply, industrial or commercial hardgoods sectors. This figure was down from the 22 transactions posted in February and declined from the 22 in January. Compared to recent historical standards, March’s activity was lower, also marking a slight decrease from the 20 M&A deals reported in March 2024.

Zooming further out, March had our lowest distributor deal count since September 2023’s 18.

To recap, MDM’s year-to-date total for 2024 reached 346 transactions, averaging 28.8 deals per month. That was well ahead of the 304/25.3 in 2023. So, the 22 deals in both January and February, as well as the 18 deals in March, have 2025 off to a notably slower start than 2024’s pace.

According to MDM’s reported M&As, March marked the lowest month for deals since September 2023, which recorded a similar volume of transactions.

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The uncertainty surrounding tariff impacts may be contributing to hesitancy among distributors and investment banks in their M&A decision-making, with this potential caution reflected in the notably lower dealmaking volume from January to March compared to the same period last year. While the full extent of this influence is unclear, it seems plausible that these concerns are playing a role in the subdued activity.

Here’s how distributor deal activity has looked since the start of 2024, according to MDM news coverage of such items per month:

On March 19, building materials distributor Beacon Roofing Supply and QXO reached an agreement, with QXO set to acquire Beacon for $124.25 per share. This represents a 10.8X multiple of Beacon’s consensus 2025 EBITDA and 10.1X its consensus 2026 EBITDA. The boards of both companies have unanimously approved the deal, which is expected to close by the end of April, pending a majority of Beacon shareholders tendering their shares by March 31. The agreement concludes a saga that began in mid-November, when a WSJ report revealed QXO’s offer to buy Beacon.

Price Claimed: Here’s Why QXO Relentlessly Pursued Beacon (free for Premium)

Meanwhile, fellow MDM Top Distributors US LBM and White Cap announced acquisitions during March.

Find our rundown of March distributor M&A news below, mostly in reverse chronological order.

MDM’s March 2025 Distributor M&A News Coverage

(click links to view news briefs)

Ending a four-month standoff, QXO has agreed to acquire building materials distributor Beacon Roofing Supply for $11 billion or $124.35 per share — representing a 10.8X multiple of Beacon’s consensus full-year 2025 EBITDA, and 10.1X its consensus full-year 2026 EBITDA.

HVAC distribution platform Advantage Distribution Holdings acquired Fayetteville, NC-based CTC Supply.

Lighting, electrical and plumbing supplies distributor Wiseway Supply acquired Northport Electrical Supply.

London-based MRO supplies distributor Rubix agreed to acquire ERIKS UK and Ireland.

Residential and commercial roofing, exterior and interior parts distributor ABC Supply acquired Richmond, VA-based Roofing & Supplies.

Heavy duty truck parts distributor FleetPride acquired Houston, TX-based OTR Fleet Service.

Industrial gases and welding supplies distributors Central McGowan and Minneapolis Oxygen announced the merger of both companies.

Canadian-based replacement parts and automotive services distributor UAP — a subsidiary of Genuine Parts Company — announced the proposed acquisition of Benson Group.

Underground water, sewer and storm utility products distributor Fortiline Waterworks — a wholly owned subsidiary of the Reece Group — acquired Belair Road Supply, effective March 7.

Gases, welding and safety supplies distributor Meritus Gas Partners acquired Oxygen Service Company.

Roofing and other building materials distributor Beacon acquired DM Figley Company.

Building materials distributor US LBM acquired Beach Window and Door.

HVACR, plumbing and industrial PVF distributor Winsupply acquired a minority stake in Mined XAI.

Fluid solutions distributor TIPCO Technologies acquired Kenilworth, NJ-based Flexline and Rochester, NY-based Potter Associates.

Building materials distributor SRS Distribution — a subsidiary of The Home Depot — acquired Rising Star Wholesale.

Bearings and power transmission products distributor Purvis Industries acquired the assets of A & A Resources.

Construction and industrial supplies distributor White Cap acquired Texas-based Kris-Con.

Madison Heights, MI-based industrial electronics and automation products distributor Galco Industrial Electronics acquired Brozelco.

What’d We Miss?

Of course, the list above doesn’t encompass every M&A deal announced during December for relevant distributors. There will always be deals that weren’t on our radar. If you don’t see one here you think should be included, please let us know at [email protected].

MDM’s Quarterly and Monthly M&A Reports

• Here’s our M&A Playbook
• Here’s our 4Q24 M&A Report (Premium) – Our 1Q25 report will publish in the second half of April
• 3Q24 M&A Report(Premium)
• 2Q24 M&A Report(Premium)
• 1Q24 M&A Report(Premium)
  • These four Premium reports are also available for purchase in the MDM Store
• February 2025 M&A Roundup
• January 2025 M&A Roundup
• December 2024 M&A Roundup
• November 2024 M&A Roundup