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Activant Solutions is expanding its footprint in wholesale-distribution sectors with an agreement to acquire Prophet 21 in a $215-million deal. Prophet 21 has been on an active acquisition trail since it went private in 2002 in a $70-million cash deal that bought out the company founders and brought in private-equity investors. Its revenues have roughly doubled since it reported annual fiscal revenues in 2002 of $44 million. Activant acquired Prelude Systems in January of this year with its acquisition of Speedware for $100 million. see article here.
Eaton Corporation, Cleveland, OH, has entered into a bidding war for British filtration manufacturer Domnick Hunter plc with rival Parker Hannifin, Cleveland, OH. Parker Hannifin made a cash offer in early August for £215.7 million ($387 million), then raised its offer on Aug. 24 to £232 million ($417 million). Two days later, Eaton made an offer of £242 million ($435 million). The winner gets a strong European foothold, where 40% of Domnick Hunter's products are sold. see article here.
WESCO International, Inc., Pittsburgh, PA, has entered into an all-cash definitive purchase agreement to acquire Carlton-Bates Company, Little Rock, AR. Carlton-Bates was founded in 1957 and has annualized 2005 sales of approximately $300 million. The company is a large regional industrial distributor of electrical and electronic components with a special emphasis on electromechanical applications and electronic controls applications. see article here.
Valley National Gases Incorporated, Washington, PA, has entered into a formal agreement to acquire Reynolds Welding Supply Company, Inc. and its subsidiaries, Welders Supply Company, Inc. and Twin City Oxygen Company, Inc. The companies are industrial gases and welding supply distributors, with a total of six operating locations, five in South Central Minnesota and one in Southeastern South Dakota. Aggregate annual sales for all three companies is $20 million. see article here.
Hughes Supply, Inc., Orlando, FL, has entered into a purchase agreement to acquire TVESCO, Inc., a Tennessee Valley-based distributor of electric utility and electrical products. TVESCO, Inc. distributes transmission and distribution (T&D) and electrical commercial and industrial (C&I) products to municipal utility, electric cooperative utility and contractor customers through 14 branches in five southeastern states. TVESCO had annual sales of approximately $138 million for the 12 months ended Dec. 31, 2004, and employs 170 full- time associates. see article here.
Barnes Group Inc., Bristol, CT, has signed a definitive agreement to acquire the assets of Service Plus Distributors, Inc., Bristol, PA, a distributor of gas springs, dampers and hardware to equipment and vehicle manufacturers. With a cash consideration of approximately $13.7 million, the acquisition is expected to close during the third quarter 2005. see article here.
DXP Enterprises, Inc., Houston, TX, recently completed a strategic acquisition of a company that specializes in remanufacturing pumps and pumping equipment. DXP did not identify the company's name. Operating from an in-house inventory of used pumps, the acquired company's primary focus is providing reduced lead times on capital projects within the oil & gas, pipeline, refinery and process industries. This acquisition will expand and enhance DXP's capability to meet the needs of customers, where shorter lead times equate to significant cost savings, the company said.