June M&A Recap: Pace Cools Despite High-Dollar Deals - Modern Distribution Management

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June M&A Recap: Pace Cools Despite High-Dollar Deals

MDM reported 27 mergers and acquisitions among industrial distributors and manufacturers during June, representing a slight slowdown as 2Q wraps up.
Business partner or mergers and acquisitions concept. Share acquisition, asset business acquisition, amalgamation. Business review and development model. Business common goals and team collaboration.

Regular MDM readers are probably used to one specific phrase that comes up over and over again when we report on mergers and acquisitions among industrial distributors and manufacturers: “Financial details were not disclosed.” That wasn’t so much the case during the month of June.

When M&A deals involve privately-owned business, those companies aren’t obligated to disclose how much money changed hands because they aren’t beholden to shareholders and investors. Counter to that, deals involving publicly-traded companies almost always include a price tag due to the importance of transparency. We definitely saw more price tags than usual as the final month of 2023’s second quarter winds down.

MDM reported on 27 mergers and acquisitions in June involving or of high interest to distributors — a slowdown compared to May, when we reported on 37 M&A deals. But 27 is still a healthy amount, especially when adding context for M&A activity so far this year. After we reported a whopping 50 deals in January, the pace dropped to 29 in February and to just 22 in March. The pace ticked up again in April with 40 mergers and acquisitions reported.

Back to those price tags. Among the deals you can read about below, Distribution Solutions Group announced that it has completed a $269-million acquisition of Hisco, which will include additional conditionary-based payments of up to $50 million. France-based Rexel announced it will acquire HVAC distributor Wasco for $518 million, while flow control products manufacturer CIRCOR International agreed to be acquired by private equity firm KKR for $1.6 billion. Last but not least, Ingersoll Rand agreed to acquire Howden Roots LLC for approximately $300 million. Those were just the headliners.

June M&A:

These are the M&A announcements — primarily involving distributors, but also manufacturers that sell through the channel — that MDM covered during May 2023 (click the headline for more details):

  • AFC Industries Acquires White Distribution & Supply in Iowa — On June 8, the Fairfield, Ohio-based industrial distributor announced its sixth acquisition of 2023 in the form of White Distribution and Supply (WDS).
  • Beacon Acquires Silver State Building Materials in NevadaBuilding products distributor Beacon announced June 12 that it has completed the acquisition of Silver State Building Materials — a residential roofing and complementary products distributor based in Gardnerville, Nevada.
  • B&F Fastener Acquires Northern States Supply in MN — Ramsey, Minnesota-based fasteners distributor B&F Fastener Supply has acquired long-time competitor Northern States Supply, creating a stronger industrial and construction supply footprint in the Midwest region.
  • BradyIFS Acquires Foodservice & JanSan Distributor GORMFoodservice disposables and JanSan products distributor BradyIFS announced June 12 that it has acquired GORM Inc — a distributor of JanSan, foodservice and packaging products based in Ontario, California.
  • BradyIFS Grows on East Coast, Acquires FPC Distribution — On June 23, foodservice disposables and JanSan products distributor BradyIFS announced that has acquired FPC Distribution, Inc., a foodservice, dry goods and JanSan distributor serving Maryland and Virginia.
  • City Maintenance Supply Acquires West Florida Supply — On June 23, Pompano Beach, Florida-based City Maintenance Supply announced that it has completed its acquisition of West Florida Supply.
  • Distributor SPATCO Energy Solutions Acquires MSCS — SPATCO Energy Solutions, an infrastructure services provider for petroleum and EV market segments, has acquired Dallas, Texas-based petroleum services company MSCS Ltd.
  • DSG Completes $269M Hisco Acquisition — On June 8, Chicago-based Distribution Solutions Group announced that it has completed a $269-million acquisition of Hisco, a distributor of specialty products serving high growth industrial technology applications.
  • Equipment Distributor Groups AED and FWEDA to Merge — On June 15, the Far West Equipment Dealers Association Board of Directors voted to ratify a merger with Associated Equipment Distributors, according to an association news release.
  • FleetPride Acquires RPM Truck Repair — Irving, Texas-based truck and trailer parts distributor FleetPride announced that it has acquired the assets of RPM Truck Repair, a provider of comprehensive truck and repair services with locations in Effingham and Mount Vernon, Illinois.
  • F.W. Webb Acquires 2 Plumbing Distributors in Philadelphia — On June 5, F.W. Webb announced the acquisition of two Pennsylvania-based plumbing, heating and industrial supply distributors: Rising Sun Plumbing Supply in Philadelphia and Steinberg Plumbing Supply in Elkins Park.
  • Ingersoll Rand to Buy Howden Roots Brand for $300M — On June 12, global pumps and compressors manufacturer Ingersoll Rand announced it has agreed to acquire Howden Roots LLC from Chart Industries, Inc. for an all-cash purchase price of approximately $300 million.
  • L&W Supply Acquires Killingly Building Products — On June 11, Chicago-based gypsum wallboard and building materials distributor L&W Supply Corporation said it has completed its acquisition of Killingly Building Products, a company with locations in Dayville, Connecticut, and Providence, Rhode Island.
  • KKR to Acquire Flow Control Supplier CIRCOR for $1.6B — Burlington, Massachusetts-based flow control products manufacturer CIRCOR International announced June 5 it has entered into a definitive agreement to be acquired by investment funds managed by private equity firm KKR.
  • MCE Acquires Distributors in Florida, Michigan — On June 5, Zelienople, Pennsylvania-based industrial distributor Motion & Control Enterprises (MCE) announced it completed two acquisitions: Power & Pumps Inc. (P&P) and Industrial Control Services Inc.
  • Meritus Gas Partners to Acquire Global Calibration Gases — On June 15, Meritus Gas Partners — a national network of independent distributors of industrial, medical, and specialty gases and welding and safety supplies — announced it has acquired specialty gas distributor and manufacturer Global Calibration Gases.
  • MiddleGround Capital Acquires Metals Distributor A.M. Castle — On June 15, Lexington, Kentucky-based private equity firm MiddleGround Capital announced it has acquired Oak Brook, Illinois-based A.M. Castle & Co., (Castle Metals) a provider of metals, services, and supply chain solutions serving industrial and aerospace customers.
  • PIP Acquires U.K. PPE Supplier Ultimate Industrial — The Latham, New York-based company announced June 21 that it has acquired Ultimate Cleaners Industrial, Ltd, a Wolverhampton, U.K.-based manufacturer of hand protection and other PPE products that does business as Ultimate Industrial.
  • Pye-Barker Expands into Nebraska with Bamford Acquisition — Atlanta-based Pye-Barker, which provides fire protection, life safety and security products and services, said it has acquired Bamford, Inc. — a full-service fire sprinkler company based in Kearney, Nebraska.
  • Rexel to Buy Dutch HVAC Distributor Wasco in $518M Deal — In a move that figures to diversify its portfolio, Paris-based electrical products distributor Rexel announced May 30 it will acquire Wasco, an HVAC distributor based in Apeldoorn, Netherlands.
  • Sonepar to Acquire Billows Electric Near Philadelphia — On June 1, Sonepar announced that its U.S. subsidiary, Cooper Electric, has entered into an agreement to acquire Billows Electric Supply, according to a news release.
  • SRS Distribution Acquires Washoe Building Supply in Nevada — On June 23, SRS Distribution Inc. announced that it has acquired Washoe Building Supply Inc., a distributor of residential & commercial roofing products.
  • The Collins Companies Adds PVF Distributor Washburn‐Garfield — Connecticut-based industrial pipe, valves, and fittings distributor The Collins Companies on June 19 announced it will acquire Massachusetts-based distributor Washburn‐Garfield Corp. and its abrasive and cutting tool distribution subsidiary, Waites Company Inc.
  • White Cap Completes Tri-Boro Construction Supplies Deal — On June 5, White Cap L.P. — a distributor of specialty construction supplies and safety products for professional contractors — announced that it has closed on its previously announced agreement to acquire substantially all of the assets of Tri-Boro Construction Supplies, a Pennsylvania-based concrete accessories and construction supply company.
  • Womack Expands in Midwest with Addition of Morrell Group — Auburn Hills, Michigan-based Morrell Group will join Farmers Branch, Texas-based Womack Machine Supply to form a national footprint covering 27 states, with a combined team of over 400 employees.

Did we miss anything? Please send M&A announcements to editor@mdm.com. We also welcome suggestions for “Behind the Deal,” our occasional series that takes a deep dive into market-shifting moves in wholesale distribution that go beyond the details shared in press releases.

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