As its eighth acquisition since 2022, the deal expands NEFCO’s branch network to 41 U.S. locations.
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Spending unexpectedly fell in May, dragged down by private construction.
The distributor saw sequential improvement in 4Q as volume growth across major product lines was partially offset by steel price deflation.
The company says the deal allows it to better serve the “complex purchase occasion” and establishes it as a leading specialty trade distributor across multiple vehicles.
Tim Cantu joins construction equipment distributor Gee Heavy Machinery to oversee its sales team and help develop sales strategies.
Year-to-date, spending is pacing strong at 10.9% above the first four months in 2023.
The company is set to separate its electronics and water businesses from its industrial unit.
It marks White Cap’s fourth acquisition in 2024, all since the start of April.
The industrial pure wholesaler was launched in 2017, catering to distributors and other resellers.
Year-over-year sales turned positive after a prolonged period of decline, while margins, profit and EBITDA all were down.
Economists had forecasted a monthly gain of 0.3%.
The building materials distributor saw healthy year-over-year and sequential improvements in gross margin.
The rapidly-expanding building products distributor now has more than 60 DCs across the U.S.
Originally announced this past July, the deal was valued at $960 million.
It comes just a week after the construction supplies distributor announced an acquisition in Oklahoma.
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With the addition of Southwest Fastener in 2023 and now Unicoa, NEFCO is one of the largest local construction supply distributors in Phoenix.
Mike Hockett and Craig Webb break down the key details of the combination, why it makes sense for Home Depot and why this was likely the long-term play for SRS all along.
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The distributor has added United Roofing Supply Katy, TX and All Canadian Building Products in Surrey, BC.
