March 2022 M&A Roundup: Pace Plateaus, but More Billion-Dollar Deals Highlight Month

M&A activity in the distribution and manufacturing sectors has somewhat slowed since spiking in the fourth quarter of 2021. But while the deals may be fewer in number, multiple companies still reached billion-dollar agreements as 2022’s initial quarter wrapped up.
Mergers and acquisitions among industrial distributors and manufacturers rebounded in December after slowing down in the latter half of November.

M&A activity for distributors and manufacturers in 2022 so far hasn’t kept pace with the momentum seen during last year’s fourth quarter. But fewer deals haven’t necessarily meant fewer dollars, as multiple distributors reached billion-dollar M&A agreements during the month of March.

Equity firm Clayton, Dubilier & Rice agreed to acquire the largest manufacturer of exterior building products in North America for $5.8 billion, while Owens & Minor Inc. closed its $1.6 billion acquisition of Apria, Inc.

Pentair plc inked a deal to acquire a provider of commercial ice makers — also for $1.6 billion — and Huttig Building Products agreed to be purchased by Woodgrain for approximately $350 million. (The latter falls short of the billion-dollar threshold, but it’s still nothing to sneeze at.)

March M&A

Here are the M&A announcements — primarily involving distributors but also manufacturers that sell through the channel — MDM covered during March (click the headline for more details):

  • American Equipment Holdings Acquires Kistler — American Equipment Holdings, a Rotunda Capital Partners portfolio company, acquired Kistler Crane & Hoist, a Midwest provider of overhead crane systems and MRO field services.
  • CD&R to Acquire Cornerstone for $5.8B — New York-based private equity firm Clayton, Dubilier & Rice agreed to acquire Cornerstone Building Brands, Inc. (NYSE: CNR), the largest manufacturer of exterior building products in North America, for $5.8 billion.
  • Distribution America, Pro Group Form Single Company — Distribution America and PRO Group merged to operate as Hardlines Distribution Alliance.
  • DXP Announces 2 Acquisitions — Houston-based MRO and industrial distributor DXP Enterprises Inc. (NASDAQ: DXPE) acquired Drydon Equipment, Inc. — a distributor and manufacturer rep of pumps, valves, controls and process equipment — and Burlingame Engineers, a provider of water and wastewater equipment in the industrial and municipal sectors.
  • Envoy Solutions Acquires ATRA — Envoy Solutions — a Glenview, Illinois-based holding company that owns and operates North American, WAXIE Sanitary Supply, SWPlus, Southeastern Paper Group and Daycon Products Co. — reached an agreement to acquire ATRA Janitorial Supply Company, based in Pompton Plains, New Jersey.
  • FleetPride Acquires Portville Truck & Auto — Irving, Texas-based FleetPride Inc., a distributor of truck and trailer parts and services, acquired the assets of Portville Truck & Auto Repair.
  • Imperial Dade Acquires Veritiv Canada — Veritiv Corporation (NYSE: VRTV), a full-service B2B provider, signed a definitive purchase agreement to sell its Veritiv Canada, Inc. business to food service packaging and janitorial supply distributor Imperial Dade.
  • NSI Industries Acquires Metallics — NSI Industries — a Huntersville, North Carolina-based provider of electrical product solutions —reached a deal to acquire Metallics, a Bristol, Connecticut-based manufacturer and supplier of fasteners and related supplies.
  • Owens & Minor Closes $1.6B Apria Deal — Richmond, Virginia-based Owens & Minor Inc. closed its $1.6 billion acquisition of Apria, Inc., an integrated home health care equipment provider.
  • OTC Acquires American Industrial Corporation — OTC Industrial Technologies, a Columbus-based industrial distributor and service provider previously known as Ohio Transmission Corporation, acquired American Industrial Corporation.
  • Pentair Acquiring Manitowoc Ice for $1.6B — Pentair plc (NYSE: PNR) agreed to acquire Manitowoc Ice, a provider of commercial ice makers, for $1.6 billion, subject to “customary adjustments.”
  • SBP Holdings Acquires Hydrafab — SBP Holdings, a provider of inspection and testing services, repairs and specialized rental activities, acquired Hydrafab LLC, a Wyoming-based company that provides repair services, fabrication and sales for hydraulic products.
  • Southwire Acquires Novinium — Carrollton, Georgia-based Southwire Company, LLC says a deal to acquire Kent, Washington-based Novinium Holdings, Inc., a cable rejuvenation solutions provider focused on electric utilities.
  • Stellar Industrial to Acquire Timesaver — Tacoma, Washington-based MRO distributor Stellar Industrial Supply acquired Timesaver Industrial Inc., a Phoenix-based company.
  • TAL Holdings Acquires Orofino Builders Supply — TAL Holdings, a family-owned building material center located in the Pacific Northwest, reached an agreement in principle to acquire five-store chain Orofino Builders Supply.
  • TriMas Acquires Intertech Plastics — TriMas (NASDAQ: TRS), a Michigan-based manufacturer of engineered and applied products, has acquired Intertech Plastics, a provider of complex, precision injection molded components.
  • Woodgrain to Acquire Huttig for $350M — Building materials distributor Huttig Building Products (NASDAQ: HBP) agreed to be purchased by Woodgrain, a leading millwork operation with locations in the U.S. and Chile, for approximately $350 million.

Did we miss anything? Please send M&A announcements to We also welcome suggestions for “Behind the Deal,” our occasional series that takes a deep dive into market-shifting moves in wholesale distribution.

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