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.
Financial details were not disclosed.
Cisco distributes air compressors and related products and services focused on food & beverage, transportation and general industrial markets.
DXP funded the acquisition with cash from the balance sheet and DXP Enterprises, Inc. common stock as consideration.
Sales and adjusted EBITDA for Cisco for the last 12 months ending March 31 were approximately $43.2 million and $7 million, respectively.
“We are pleased to announce the acquisition of Cisco and the first-tier capabilities, strong leadership and complete business model as a part of our air compressor growth efforts,” said David Little, CEO of DXP. “We are excited to have Cisco join the DXP family. Cisco provides DXP with exceptional sales expertise that will enhance our efforts and our ability to collaborate and serve our customers. This acquisition is consistent with our growth strategy and demonstrates our commitment to expanding DXP into other products, markets and capabilities as well as maintaining our leading position as the largest distributor of rotating equipment in North America.”
Read more about DXP’s diversification strategy and its move away from oil & gas in MDM Premium.