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Interline Brands, Inc., Jacksonville, FL, has acquired the assets of Pompano Beach-based Florida Lighting, Inc., a national direct marketer and distributor of specialty lighting and electrical products that serves professional contractors, lighting retailers and electrical wholesalers. Florida Lighting's business model of selling electrical products through catalogs, online and showrooms is complementary to Interline's current model of selling through numerous branded catalogs, websites and branches throughout North America. Interline Brands is a privately-held direct marketing and specialty distribution company. Interline sells maintenance, repair and operations products with guaranteed same-day or overnight shipping to professional contractors, facilities maintenance professionals, hardware stores, and other customers across North America and Central America. Interline's principal shareholders include Parthenon Capital, JPMorgan Partners, General Motors Pension Fund, Sterling Partners L.P. and management.
Hughes Supply Inc., Orlando, FL, has entered into a definitive all-cash merger agreement with Century Maintenance Supply Inc., Houston, TX, a distributor of MRO products serving the multi-family apartment market. Total consideration in the merger will be $360 million, including assumption of Century's debt. Founded in 1988, Century is a distributor of MRO products to property management companies in the U.S. Its nationwide distribution network includes 39 branches in major metropolitan markets in 35 states. The company's sales and operating income for the 12 months ended Sept. 30 were $311 million and $35 million, respectively. It's the largest acquisition to date for Hughes.
Hughes reported net sales for its fiscal third quarter of $859.5 million, compared to net sales of $804 million during the same period last year. The company had net income of $17.8 million, compared to $19.8 million a year ago. For the first nine months of the fiscal year, Hughes had net sales of $2.5 billion vs. net sales of $2.4 billion during the prior-year period. Net income reached $48.3 million, compared to net income of $50.7 million last year.
Applied Industrial Technologies, Cleveland, OH, has acquired Rodamientos y Bandas de la Laguna, S.A. de C.V. (Rybalsa), Chihuahua, Mexico, from Sergio Nevarez, its principal owner. The Rybalsa acquisition includes five facilities in Chihuahua, Ciudad Juarez, Hermosillo, Cananea and Nacozari that are projected to generate annual sales of approximately US $8.0 million. The facilities will transition to the Applied Mexico name.
Ohio Transmission Corporation (OTC), Columbus, OH, has acquired the assets of Hydro-Power, Terre Haute, IN. Hydro-Power will be operated as a part of Ohio Transmission and Pump, a division of OTC.
Mayer Electric Supply Company, Birmingham, AL, has a letter of intent to acquire the operations of Maddux Supply, Greensboro, NC, with 14 branch operations in North Carolina, South Carolina, Virginia, Georgia, and Florida. Founded in 1965, the Maddux team is comprised of 270 associates serving contractors, industrial facilities, and utility, commercial, institutional and government accounts.
Strategic Distribution, Inc., Bensalem, PA, reported revenues for the third quarter ended Sept. 30 were $30.0 million, compared to revenues of $47.7 million reported for the third quarter of 2002. The $17.7 million decrease in revenues was primarily attributable to the