DXP Acquires 2 Companies Serving Florida, Mid-Atlantic - Modern Distribution Management

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DXP Acquires 2 Companies Serving Florida, Mid-Atlantic

Riordan Materials Corporation and Florida Valve & Equipment Corp. and Environmental MD serve municipal water and wastewater treatment markets.

On May 4, Houston-based pumping solutions and MROP supplies distributor DXP Enterprises, Inc. announced that is has completed the acquisitions of Riordan Materials Corporation and Florida Valve & Equipment Corp. and Environmental MD.

DXP says it funded the acquisitions with cash on its balance sheet. Financial details were not disclosed. The companies signed definitive agreements on May 1, DXP said.

Riordan is a provider of products for water treatment, wastewater treatment, odor control, solids handling, pumping and biosolid processes in Maryland, New Jersey, Pennsylvania, Delaware and Virginia. Florida Valve EMD provides valve and related products and services for the municipal water markets in Florida.

“We are pleased to welcome the Riordan and Florida Valve employees to the DXP team,” said David R. Little, Chairman and CEO. “Both are well-run businesses focused on providing value-added products and services to the water market. Riordan will provide DXP’s Water division with new geographic territory and Florida Valve will provide enhanced product capabilities. Riordan and Florida Valve are great companies with key differentiators and provides us with high caliber people.”

Sales and adjusted EBITDA for Riordan and Florida Valve EMD for the past 12 months ending March 31 were approximately $14.2 million and $3.2 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortization, plus non-recurring items that will not continue after the acquisition, DXP said.

DXP ranked as the No. 11 MRO Industrial Distributor and No. 23 Industrial Distributor on MDM’s Top Distributors List in 2022.

“Our expertise in the water and wastewater market continues to accelerate along with depth and reach of the DXP Water platform,” said Saade Chibani, President of DXP Water. “We have now completed eight acquisitions over the last three years and look forward to continuing to build our presence. Riordan and Florida Valve strengthen our efforts and we look forward to our growth going forward.”

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