Manhattan Associates, Inc., Atlanta, GA, has signed a definitive agreement to acquire Evant, Inc., a provider of supply chain planning and replenishment solutions. Privately held and based in San Francisco and Atlanta, Evant provides solutions to more than 60 companies in the retail, manufacturing and wholesale distribution industries, including many that are joint Manhattan Associates clients. Under the terms of the agreement, Manhattan Associates will pay $50 million in cash for the company.
SCP Pool Corporation, Covington, LA, has signed a definitive agreement to acquire Automatic Rain Company (dba "Horizon"), a regional wholesale distributor of irrigation and landscape products serving professional contractors in the landscape construction and maintenance markets. With 40 distribution locations in eight western and southwestern states, Horizon's net sales are projected to be approximately $175 million for fiscal 2005. POOL reported 2004 revenues of $1.3 billion.
Hughes Supply, Inc., Orlando, FL, a distributor of construction, repair and maintenance-related products, reported net sales for the second quarter ended Jul. 31, 2005 were $1,333.0 million, an increase of 17% from $1,143.1 million in last year's second quarter. Organic sales increased 8% in the quarter, against the highest historical organic sales growth rate in the prior year quarter of 17%. Net income was $39.2 million compared to $39.4 million in the prior year's second quarter. Net sales for the six months ended Jul. 31 grew 20% to $2,572.7 million, compared to $2,135.9 million last year, with organic sales growth of 9%. For the first six months, net income grew 6% to $73.2 million, compared to $69.2 million.