DXP Enterprises Inc. has acquired Production Pump and Machine Tech, companies that specialize in pumping equipment for oilfields, pipelines, and municipalities. DXP paid about $10.1 million for the acquired businesses and assumed about $0.4 million worth of debt.
The acquired businesses operate from three facilities with capabilities of fabricating, machining and value-added services. These businesses specialize in package pump equipment, fluid handling design and pump maintenance, repairs and services.
The acquired businesses' combined sales and adjusted EBITDA for the twelve months ending April 30, 2006, were approximately $12.5 million and $2.0 million, respectively.
John Jeffery, Senior Vice President of Sales and Marketing, said, "This acquisition will add value by strengthening DXP's position in the upstream oil and gas and pipeline businesses as well as provide additional value added services."
DXP Enterprises, Inc. is a products and service distributor focused on MRO and OEM customers. DXP provides pumping solutions, integrated supply and MROP (maintenance, repair, operating and production) services in pumps, bearings, power transmission, seals, hose, safety, fluid power, electrical and industrial supplies.