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Interline Brands, Inc. (NYSE:IBI), Jacksonville, FL, No. 14 on MDM's list of the top 40 industrial distributors, distributor and direct marketer of maintenance, repair and operations products, has acquired CleanSource Inc., a distributor of jan-san supplies, for $60.1 million.
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CleanSource, a regional jan-san distributor headquartered in San Jose, CA, serves institutional facilities in the healthcare and education markets, as well as building services contractors. For the 12-month period ended Sept. 30, 2010, CleanSource had $115 million in sales.
"The acquisition of CleanSource fits well with our strategy of acquiring well-run businesses with leadership positions in attractive facilities maintenance markets," said Michael J. Grebe, Interline's CEO. "In addition to being accretive, we believe the acquisition offers numerous opportunities to grow sales and improve profitability.
"In particular, the acquisition enhances our position in the strategically important jan-san market as well as provides us with an opportunity to expand our national account capability to the West Coast. In addition, the transaction provides the potential for meaningful operating and sales benefits as we leverage our platform to generate cost synergies and sourcing benefits, as well as cross-sell more products to deliver a better value proposition to our customers. We have a very high regard for CleanSource's employees, their culture, and their valued relationships with customers and suppliers. They have a strong service-oriented approach, which is an excellent fit with Interline's culture."