It marks AFC's first deal of 2024 after it made seven acquisitions in 2023.
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Full-year operating and net profit jumped more than 40% vs. 2022.
Acquisitions drove nearly all of DSG's growth in 2023, which marked its first full calendar year since forming in early 2022.
The latest Census Bureau figures indicate January was a weakened month for sales, both month-to-month and year-over-year.
Non-heavy manufacturing, non-residential construction and reseller end markets outperformed January.
4Q revenues for that segment dipped 1.4% year-over-year.
The figure was boosted by an additional billing day, but the month was still a considerable rebound when excluding that factor.
It was the third decline in the past four months, and much sharper than December’s.
The plumbing and HVACR distribution giant also updated its plans to ‘domicile’ its ultimate parent company in the U.S. to reflect operations and leadership.
Based in Orange, VA, HBS produces and distributes turkey structural building components from its distribution center in Bristow, VA.
The co-op and hardware distributor will create a combined entity serving DIY entrepreneurs, contractors and distributors in the U.S. Midwest.
It marks the OEM fasteners distributor's 12th acquisition since 2018 and the fifth since 2022.
Both are distributors of commercial entry solutions and systems integration services.
It followed a sizeable jump in January, reflecting broad weakened industrial demand.
The distributor saw healthy 4Q organic growth, too, with comparable sales up 5.1% excluding GIC's May 2023 acqusition of Indoff.
Los Angeles-based Progressive had 2023 annual sales of more than $400 million.
The specialty building products distributor saw gross margin improve 40 bps year-over-year, though EBITDA fell by a larger margin.
As distribution increasingly becomes the focus of state regulation and legislation, HARDI expands its advocacy efforts into state affairs.
Dragged down by building materials and supplies, it followed a 0.3% increase in December.
Driven by a sharp decline in commercial aircraft orders, it was the sharpest one-month drop since April 2020’s 19.3%.