Though February was generally weak on M&A activity in distribution, European distributor Wolseley plc and its U.S. plumbing subsidiary Ferguson Enterprises Inc. each made headlines with their M&A moves.
Wolseley agreed to merge Tobler, its Swiss plumbing and heating business, with Walter Meier AG, a Swiss heating and HVAC distributor. The company expects to receive CHF117.8 million (US$116.6 million) and a 39.2 percent minority holding in the newly combined and enlarged business.
And Ferguson, Newport News, VA, acquired P.V. Sullivan Supply Co. Inc., Quincy, MA, a plumbing and heating supplier serving Boston and Eastern Massachusetts. P.V. Sullivan Supply employs 46 and serves contractors and plumbing professionals in the Northeast.
"Their stores complement our existing bricks-and-mortar Ferguson locations in the area – allowing us to better serve residential trade and commercial customers in the Northeast," said Ferguson CEO Frank Roach.
Some of the largest fluid power distributors also made acquisitions in February. FCX Performance, Columbus, OH (No. 4 on MDM's 2016 list of top fluid power distributors), acquired Renew Valve, Monroe, MI, and its Cleveland Valve & Gauge division. Renew/CVG provides safety relief valve and line valve service in the U.S.
Hydradyne LLC, Fort Worth, TX (No. 8 on MDM's 2016 list of top fluid power distributors), agreed to acquire Baumgardner Service Inc., Boiling Springs, SC. Baumgardner provides 24-hour emergency and mobile service, and it offers in-house service and repair for all brands of hydraulic equipment.
And RelaDyne, Cincinnati, OH, acquired Sensmeier Oil Co., Mansfield, OH. The acquisition expands RelaDyne’s Ohio operations to better serve the Northeastern Ohio area and the Toledo and Cleveland markets.
Here are other key deals that occurred in February 2017: