MDM’s June M&A Roundup: 2024 1H Activity Outpaces 2023 - Modern Distribution Management

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MDM’s June M&A Roundup: 2024 1H Activity Outpaces 2023

Another strong month has 2024 ahead of what was a gangbusters 2023.
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After a remarkably busy 2023 for distributor M&A activity, 2024 appeared set for a correction year, or perhaps flat at best. Given the ongoing softness in industrial demand that began in the second half of 2023 and a looming U.S. Presidential election, we at MDM anticipated that activity would likely be somewhat conservative in 2024 compared to a gangbusters 2024.

That certainly hasn’t been the case through six months.

Following a strong June, the number of year-to-date distributor deals we’ve tracked has actually outpaced that of 2023’s first half, with deals per month likewise ahead of last year’s.

MDM posted news of 29 different transactions during June — either pending or completed — that involve at least one distributor. While down from May’s 40 that was the most active month we’ve seen since at least the start of 2023 (when MDM began tracking distribution-specific monthly counts), it was another strong month.

MDM has posted 169 total distribution M&A news items through six months of 2024, or a 28-per-month average, meaning June was right on par. That’s ahead of the 150 or 25/month through the first six months of 2023.

Overall, MDM posted 41 total M&A news items during June with the addition of manufacturers and others relevant to the distribution sector (associations, service providers, etc.), following 44 in May.

June’s activity was highlighted by MDM Top Distributors MSC Industrial Supply, Winsupply and White Cap each making a pair of deals, while The Home Depot’s landmark $18.25 billion acquisition of SRS Distribution closed less than 3 months after it was originally announced.

Find our rundown of June M&A news below, mostly in reverse chronological order and separated by distributors and manufacturers.

Distributors (29)

Memphis, TN-based heavy-duty truck and trailer parts distributor TruckPro’s subsidiary Crane Carrier Canada acquired the Transaxle Parts group of companies to expand its operations in the Toronto, Ontario market.

PVF, HVAC, plumbing and industrial supplies distributor Winsupply acquired high-density polyethylene (HDPE) supplier Forge PolyFab based in North Texas.

London-based foodservice, grocery, safety and JanSan products distributor Bunzl acquired Canadian-based cleaning and hygiene product distributor Clean Spot.

Charlotte, NC-based aerospace and defense distribution group Aeromed added Memphis, TN-based aviation products distributor Aerospace Products International and Phoenix, NC-based aerospace fastener and hardware distributor HB Aerospace.

Mobile, AL-based Threaded Fasteners, Inc. (TFI) acquired fellow industrial distributor Ricco Fasteners (Thomasville, GA), which becomes TFI’s 17th branch location.

Metalworking and MRO supplies distributor MSC Industrial Supply acquired Waukesha, WI-based metalworking distributor ApTex and Goodyear, AZ-based carbide cutting tool manufacturer and reconditioner Premier Tool Grinding.

Pittsburg, PA-based infrastructure product provider JENNMAR acquired the operating assets and some customer relationships of hardrock mining product and hardware distributor and manufacturer Dumotech Industrial Products.

Marietta, GA-based lightweight conveyor system belting and component distributor Belt Power acquired the U.S. assets of Grand Rapids, MI-based Mol Belting Systems. Mol is a fabricator and distributor of process conveyor belting systems, conveyor accessories and power transmission products.

Pipe, valves and fittings wholesale distributor The Macomb Group acquired Carlstadt, NJ-based PVF supplier Trident Fire & Fabrication to serve fire protection markets in the New York metropolitan area.

West Chester, OH-based fasteners and industrial supplies distributor AFC Industries added Kingston, PA-based fasteners distributor Circle Bolt & Nut to deepen its presence in key geographies.

The Home Depot’s purchase of building materials distributor SRS Distribution closed in less than three months with an estimated enterprise value of $18.25 billion.

To better serve Minnesota’s burgeoning construction market, distributor Kodiak Building Partners acquired Simonson Lumber in central Minnesota.

JanSan, industrial packaging and foodservice products distributor BradyPlus expanded further westward with the acquisition of Idaho Falls, ID-based Idaho Package Company.

MiddleGround Capital acquired Rotterdam, Netherlands-based distributor GMS Instruments to strengthen its position in the maritime industry.

Skokie, IL-based fasteners distributor Blue Ribbon Fastener acquired Burlington, WI-based Nationwide Fastener Systems to expand its VMI and Class C component supply chain network

PVF, HVAC, plumbing and industrial supplies distributor Winsupply expanded its U.S. southwest presence with the acquisition of Phoenix-based General Metals Manufacturing & Supply Co.

Specialty construction supplies and safety product distributor White Cap acquired Virginia-based full-service fabricator Rebar Solutions and Dayton Superior Corp. (Miamisburg, OH).

Electrical, data and security products distributor Wesco International purchased data center and building intelligence software entroCIM for $30 million.

Specialty pump rental and dewatering solutions provider Holland Pump Co. acquired Tampa, FL-based C&R Distribution, which does business as Florida Dewatering.

Three of Meritus Gas Partners‘ platform operating companies closed add-on acquisitions of gas distributors in May: EcoGreen Industries (Anderson, CA), Island Energy (Paragould, AR) and Gem State Welders Supply (Twin Falls, ID).

Foodservice packaging supplies, industrial products and JanSan supplies distributor Imperial Dade acquired Rochester, NY-based JanSan and paper products supplier Regional Distributors Inc.

Cincinnati-based Thermal Technology Distribution Solutions (TTDS) acquired Dallas-based Southwest Heater and Controls (SWHC) and Mt. Airy, MD-based Thermal Devices to build out its thermal management portfolio.

Zelienople, PA-based industrial and fluid power distributor Motion & Control Enterprises (MCE) marked its fourth acquisition of fiscal 2024 and its 12th since 2023 with the addition of industrial distributor Ives Equipment Corp. (King of Prussia, PA)

Manufacturers (8)

Manufacturing conglomerate Honeywell deepened its aerospace expertise and operations with the addition of Arlington, VA-based defense technologies supplier CAES Systems Holdings.

Industrial sector-focused middle-market private equity firm Truelink Capital acquired air management and filtration solutions manufacturer Air Distribution Technologies from Johnson Controls. 

Germany’s Hengst Filtration acquired the North American hydraulic filter manufacturer Main Filter, which has facilities in Ontario, Canada and Lincolnton, NC.

Portland, Oregon-based anchor bolt and custom fastener manufacturer Portland Bolt & Manufacturing Co. acquired the South Carolina manufacturing and galvanizing operations of Southern Anchor Bolt Co.

Ingersoll Rand completed its acquisition of ILC Dover for $2.3 billion and acquired three other manufacturers — Complete Air and Power Solutions, Del PD Pumps & Gear and Fruvac, for about $150 million combined.

Other (4)

Tech-enabled brokerage platform RXO will buy UPS’ freight brokerage operation, Coyote Logistics, for $1 billion in cash to diversify and expand its customer base and broaden its carrier network. 

ERP software provider Epicor acquired KYKLO, a provider of product information management and lead generation solutions to help drive sales for manufacturers and distributors.

White Cup acquired Sales Management Plus (SMP), a fellow provider of CRM and business intelligence solutions tailored for the distribution sector.

In a landmark deal for the electrical industry, buying groups AD and IMARK Electrical are set to merge in what will create a new division within AD called the Independent Electrical Supply Division, U.S., and will represent a combined 725 distributors.

What’d We Miss?

Of course, the list above doesn’t encompass every M&A deal announced during June for relevant distributors and manufacturers. 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 editor@mdm.com.

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