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DXP Enterprises, Inc. (NASDAQ: DXPE), Houston, TX, No. 18 on MDM's list of the top 40 industrial distributors, has agreed to acquire D&F Distributors, Inc., Evansville, IN. The purchase price of $13.4 million is estimated to consist of approximately $7.5 million to be paid in cash, approximately $2.8 million in the form of promissory notes bearing interest at a rate of 5 percent, and approximately $3.1 million in the form of shares of DXP common stock.
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D&F operates out of six locations in Indiana, Kentucky, Tennessee and Ohio. D&F distributes and services industrial, commercial and municipal pumps and fabricates pump packages. The 2010 annualized sales for D&F are $22 million.
"D&F is a quality company with great people and excellent pump product expertise. We are excited with the geography and markets they cover and we look forward to our future success together," DXP CEO David Little said.
DXP Enterprises, Inc. is a distributor of pumping solutions, integrated supply and MROP services.