Last month, MDM reported that the pace of M&A among industrial distributors and manufacturers slowed as the calendar crawled toward Thanksgiving. We expected to see a similar slowdown as we moved toward the December holiday season and the new year; but the pace of M&A actually held steady through the month, ending at 24 reported deals to close out 2022. And some of the biggest names in industrial distribution and manufacturing — BlackHawk Industrial, BradyIFS, Ferguson, Graybar, Imperial Dade and others — were among those announcing deals right up until it was time to open gifts. After a slow 1Q 2022, M&A activity was fairly strong and consistent throughout the rest of the year.

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Here’s a monthly breakdown showing the number of M&A deals MDM reported during each month in 2022:

• January: 19
• February: 13
• March: 17
• April: 21
• May: 19
• June: 26
• July: 23
• August: 26
• September: 25
• October: 28
• November: 22
• December: 24

December M&A

These are the M&A announcements — primarily involving distributors, but also manufacturers that sell through the channel — that MDM covered during December 2022 (click the headline for more details):

• Aerospace Manufacturers Paradigm Precision, Whitcraft Group to Merge — Two private equity firms are investing to facilitate a merger between gas turbine engine components manufacturer Paradigm Precision and aerospace components manufacturer Whitcraft Group.
• Air Hydro Power Acquired by ESOP Company Houchens — Wholly owned ESOP company Houchens Industries announced Dec. 19 that it agreed to acquire Louisville, Kentucky-based Air Hydro Power, an industrial distributor of motion control and fluid power solutions including automation, robotics, pneumatics, hydraulics, electrical motors and hose fittings.
• Applied UV to Double Size with Acquisitions of Puro Lighting, LED Supply — Disinfection technology manufacturer and distributor Applied UV, Inc. announced Dec. 20 it agreed to acquire two privately held sister companies: Puro Lighting LLC and LED Supply Co.
• BlackHawk Acquires Wisconsin Industrial Supplier — Tulsa, Oklahoma-based metalworking and MROP supplies distributor BlackHawk Industrial on Dec. 6 announced its latest acquisition: Schofield, Wisconsin-based Thomas Industrial Supply, Inc.
• Bossard Acquires Canadian Fastener Distributor — Swiss fastener distributor Bossard Group announced Nov. 29 it acquired Canadian fastener distributor PENN Engineered Fasteners Corporation (PEF) from Pennsylvania-based fastening solutions manufacturer PennEngineering.
• BradyIFS Acquires Companies in Northern California, Maryland — On Dec. 5, foodservice and JanSan distributor BradyIFS announced two new acquisitions in Northern California and Maryland.
• Core & Main Announces 3Q Earnings, Closes Lanier Deal — St. Louis-based wastewater, storm drainage and fire protection distributor Core & Main on Dec. 13 said it closed on a previously reported acquisition of Lanier Municipal Supply Co. Inc., a distributor of water, wastewater, storm drainage, agricultural and irrigation products based in Lakeland, Georgia.
• Dickman Supply Acquires Lyons Electrical Supply — Sidney, Ohio-based electrical and industrial wholesaler Dickman Supply announced Dec. 15 that it acquired Lyons Electrical Supply Company and Lighting Showroom from the Lyons family in Dayton, Ohio.
• Distribution Solutions Group Acquires Germany-Based Instrumex — Chicago-based industrial distributor Distribution Solutions Group (DSG) announced Dec. 7 that its operating company, TestEquity, has acquired Instrumex, a distributor of test and measurement equipment in Munich, Germany.
• Dover Acquires German Gear Pump Maker Whitte — Downer’s Grove, Illinois-based Dover, a diversified global manufacturer and solutions provider, said Dec. 15 it completed its acquisition of Witte Pumps & Technology GmbH, a manufacturer of precision gear pumps.
• Ferguson Acquires HVAC Distributor Airefco — Plumbing, HVAC and industrial products distributor Ferguson has acquired Airefco, Inc., a distributor of HVAC equipment, parts and supplies in the Pacific Northwest, according to a Dec. 2 news release.
• FleetPride Makes Acquisitions in Idaho, Oklahoma — Irving, Texas-based FleetPride Inc., a distributor of truck and trailer parts and service in the independent heavy-duty aftermarket, announced two recent acquisitions in Idaho and Oklahoma.
• Graybar Acquires Distributor CX Connexion Near Chicago — Electrical, communications and data networking products distributor Graybar announced Dec. 19 its acquisition of fellow electrical distributor CX Connexion.
• Green Mountain Electric Supply Acquires New York Electrical Distributor — Vermont-based electrical distributor Green Mountain Electric Supply announced Dec. 27 it acquired certain assets of fellow electrical distributor Scott Electric Supply.
• Gryphon Investors Selling Heritage Distributors for Nearly $1.3B — Gryphon Investors, a middle-market private equity firm, announced Dec. 15 that it reached a deal on the sale of its portfolio company Heritage Distribution Holdings, a global distributor of commercial and industrial refrigeration and air conditioning products.
• Hillenbrand Acquires Peerless Food Equipment from ITW — Batesville, Indiana-based Hillenbrand Inc. announced Dec. 1 that it completed its acquisition of the Peerless Food Equipment division of Illinois Tool Works Inc. for approximately $59 million.
• Imperial Dade Acquires JanSan Companies in New Jersey, Ohio — JanSan and foodservice packaging distributor Imperial Dade announced two new acquisitions on Dec. 1: Ocean Township, New Jersey-based Country Clean Paper Supplies and Columbus, Ohio-based Classic Solution.
• JD Martin, ICS Merge to Form ICS Martin — Houston-based electrical products manufacturer and distributor JD Martin and Florida-based machining manufacturer and distributor Integrated Component Sales, Inc. (ICS) will join forces, the two companies announced Dec. 7.
• Lighting Distributor Facility Solutions Group Acquires West-Lite Supply — Austin, Texas-based lighting distributor Facility Solutions Group (FSG) announced Dec. 14 its acquisition of West-Lite Supply Company, a lighting distributor in California.
• Nidec to Buy Italian Tool Maker Pama for $108M — Japan-based motor maker Nidec announced it will buy Italian machine tool maker Pama for approximately $108 million (roughly ¥15 billion), according to a company news release and a report from Japanese news magazine Nikkei Asia.
• Power Grid Components Acquires Ohio’s Meister International — Power Grid Components, Inc. announced Dec. 20 that it acquired Amelia, Ohio-based Meister International, a fellow distributor of products used to build, maintain and upgrade the North American electric power grid.
• Quantix Acquires Mid-States Packaging — Chicago-based Quantix, a portfolio company of Wind Point Partners and a leading supply chain services company to the chemical industry, on Dec. 7 announced its acquisition of Mid-States Packaging.
• Schaedler Yesco to Acquire YESCO Electrical Supply — Electrical products distributor Schaedler Yesco announced Dec. 9 it entered into an agreement to acquire fellow electrical distributor YESCO Electrical Supply.
• Standard Locknut Acquired by Private Equity Firm — Tonka Bay Equity Partners announced its acquisition of Indiana-based bearings manufacturer Standard Locknut.

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

See MDM’s Investment Bank Directory for a rundown of the key investment banks and advisory firms in the distribution sector.