May 2022 M&A Roundup: Imperial Dade Deals Reflect Potential Expansion Plans

In May, the packaging and jan/san distributor notched its 50th acquisition under current leadership. Weeks earlier, private equity firm Advent International agreed to acquire a large stake in the company.
On June 23, Grand Rapids-based private investment firm Auxo Investment Partners announced its acquisition of Breyden Products Inc.

Imperial Dade shined in the M&A spotlight during the month of May. The packaging and janitorial supplies distributor secured its 50th M&A deal under its current leadership — Chairman Robert Tillis and CEO Jason Tillis — including signing an agreement to give private equity firm Advent International a “significant stake” in Imperial Dade.

Imperial Dade has grown significantly since Bain Capital Private Equity first invested in in the company in 2019. With Advent now taking that piece of the pie, Imperial Dade likely will find further major investment to secure additional acquisitions in the near future.

The company certainly didn’t slow down in May. Its 50th acquisition was North Alabama Chemical, a full-service provider of janitorial supplies, services and solutions. For its 49th deal, Imperial Dade acquired Tepe Sanitary Supply, Inc., which services customers in northern Indiana, Michigan and Chicago as a full-service provider of janitorial supplies and industrial products, services and solutions.

Here’s a rundown of all the deals we covered this past month:

May M&A

Here are the M&A announcements — primarily involving distributors but also manufacturers that sell through the channel — MDM covered during April (click the headline for more details):

  • Aignep Acquires Alpha Technologies — Italy-based Aignep s.p.a. acquired Alpha Technologies LLC, a subsidiary that has already distributed Aignep products in the North American market.
  • Allied Motion Acquires ThinGap — Amherst, New York-based Allied Motion Technologies Inc. (Nasdaq: AMOT), a designer and manufacturer of precision and specialty controlled motion products and solutions, completed its acquisition of ThinGap, a developer and manufacturer of high performance, zero cogging slotless motors.
  • Allied Motion Acquires FPH Group — Allied Motion acquired FPH Group, a developer of electrical drive systems and light weighting technologies for existing and future ground-based vehicles in the defense industry.
  • BlackHawk Completes Connecticut Acquisitions — Tulsa-Oklahoma based distributor BlackHawk Industrial has completed its acquisition of JJ Industries of Connecticut, Inc. and its affiliate, Jet Tool & Cutter.
  • Crosby Group and KITO CORPORATION Combine — Lifting and rigging company The Crosby Group will combine its business with the KITO CORPORATION, a Japan-based material handling manufacturer with 90 years of experience in the development and production of hoists and cranes.
  • Darragh Acquires Service Construction Supply — Little Rock, Arkansas-based commercial construction supply distributor Darragh Company announced the asset purchase of Service Construction Supply and its two locations in Birmingham and Madison, Alabama.
  • DXP Acquires Cisco Air Systems — Houston-based DXP Enterprises, Inc. (NASDAQ: DXPE) announced it has completed the acquisition of Cisco Air Systems, Inc., a company that serves customers in California and Nevada.
  • FleetPride Acquires T&R Towing and Service Centers — Irving, Texas-based FleetPride Inc., a distributor of truck and trailer parts and service in the independent heavy-duty aftermarket, has acquired the assets of T&R Towing and Service Centers of Bath, New York.
  • Imperial Dade Acquires Tepe Sanitary — Packaging and janitorial supplies distributor Imperial Dade acquired Tepe Sanitary Supply, Inc., the 49th acquisition for Imperial Dade under Robert and Jason Tillis, chairman and CEO, respectively, the company said.
  • Imperial Dade Nets 50th Acquisition Under Current Leadership — Food service packaging and janitorial supplies distributor Imperial Dade acquired North Alabama Chemical, the company’s 50th acquisition under its current leadership.
  • Industrial Service Solutions Buys San Antonio Armature Works — Industrial Service Solutions of Houston acquired San Antonio Armature Works, an electromechanical service provider with industrial operations in southern Texas.
  • Kaman Corp. Reaches $440M Deal With Parker-Hannifin — Kaman Corporation (NYSE:KAMN) will acquire Parker-Hannifin’s aircraft wheel & brake division for $440 million. The deal is subject to customary working capital adjustment and “the receipt of all necessary regulatory approvals,” Kaman said.
  • Lane Supply Acquires Air Center, Inc. — Denver-based Lane Supply Company acquired Air Center, Inc., a distributor and service provider of Kaeser Compressed Air Systems and Stanley Assembly Tools for manufacturers and commercial businesses in eastern Michigan and northern Ohio.
  • Lawless Group East Acquires Distributors’ Source of Florida — Vendor and manufacturer rep The Lawless Group acquired Distributors’ Source of Florida located in Longwood, Florida, effective June 1.
  • Milton Industries Acquires Thunder Technologies — Pneumatic and hydraulic accessories company Milton Industries acquired Rochester Hills, Michigan-based Thunder Technologies LLC, a company that manufactures industrial hose, piping expansion joints, cut rubber and gasket products.
  • New South Dissolves ACS Deal — Less than three weeks after a deal was announced, Greenville, South Carolina-based New South Construction Supply said an agreement to acquire American Contractor’s Supply has been terminated.
  • Timken Completes Spinea Acquisition — Ohio-based Timken Company (NYSE: TKR), an industrial leader in engineered bearings and power transmission products, announced it has completed its acquisition of Spinea, a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators.
  • Turner Supply Makes A-Team Acquisition — Alabama-based Turner Supply acquired the Inpro/Seal product line and territory from A-Team Industrial Products.
  • Woodgrain Finalizes Huttig Deal — Woodgrain Inc. and Huttig Building Products, Inc. announced that Woodgrain has completed its $350 million acquisition of Huttig, a millwork, building materials and wood products distributor.

Did we miss anything? Please send M&A announcements to editor@mdm.com. We also welcome suggestions for “Behind the Deal,” our occasional series that takes a deep dive into market-shifting moves in wholesale distribution.

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