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ERIKS NV, a Netherlands-based industrial distributor, including fabricated hose, cut gaskets and sealing products, has acquired Lewis-Goetz, a $340 million Pittsburgh-based distributor that is No. 23 on MDM's list of the top 40 industrial distributors.
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“The acquisition of Lewis-Goetz brings ERIKS the perfect growth platform in North America in fabricated hose, gaskets and conveyer belts that we have been looking for," said Johan Sleebus, chairman of ERIKS Executive Board.
Sleebus said that including ERIKS' existing U.S.-based companies, the distributor will have US$700 million in North American sales with more than 1,500 employees. "North America is now the single most important market for ERIKS," Sleebus said.
For the last four years Lewis-Goetz has been owned by private equity firm, Audax Group. MDM interviewed CEO Jeff Crane earlier this year. Read that interview on Lewis-Goetz's growth strategy.
“Audax provided us with critical resources to help with the next stage of our growth," Crane said. "We fulfilled our promise to them by putting those resources to work in building a leading distribution business in our space. Now, as we become an important part of a leading global service provider we know that our future is much brighter for the time we spent with Audax. We could not be more excited about the prospects for the future and we look forward to the important things we will accomplish with ERIKS.”
ERIKS’ current product range, including the technical and logistics services that form part of it, is divided into five core activities: flow technology; sealing technology; bearing and power transmission, including electromechanical services and condition monitoring; industrial plastics; and tools and maintenance products. ERIKS currently consists of more than 60 companies with branches in 25 countries, serving over 200,000 customers. In 2010, ERIKS generated net sales of €1.1 billion (US$1.6 billion). ERIKS is a wholly owned subsidiary of SHV Holdings N.V., a private-held family company with sales in 2010 of €16.0 billion (USD 23.1 billion).