On Jan. 3, Purvis Industries announced it has acquired “substantially all the assets, brand rights, websites, personnel and intellectual property” of ErieTec, an industrial distributor based in Erie, Pennsylvania. Financial details were not disclosed.
ErieTec, which was founded in 1958, has six branches. The company boasts extensive bearing, power transmission, electrical and material handling knowledge. Purvis said ErieTec’s mission statement aligns closely with its own, which is to “help our customers improve their profitability and efficiencies through the application of modern products and services.”
“ErieTec is a perfect fit for Purvis’ model and culture,” said Cameron Barker, Purvis Industries VP of Corporate Operations. “Their focus on local service, support, and inventory has served their customers well throughout ErieTec’s existence and we look for that to continue as they join our team.”
Purvis Industries, based in Dallas, Texas, has 100 locations covering 17 states. The company ranks No. 5 on MDM’s 2022 list of Top Bearings/Power Transmission Distributors.
MDM’s M&A Virtual Summit, to be held Feb. 21-22, has something to offer for any distributor on the dealmaking spectrum. We’ll cover the current state of M&A; how to maximize valuation; integration do’s and don’ts; ESOPs; the culture side of the M&A process; and more. Get details and register here.
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