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MDM 4Q 2023 M&A Report

The report features in-depth articles that recap the year that was 2023 in distribution dealmaking, a full rundown of every deal we covered in October-December, the latest EBITDA trading multiples and more.

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Find a wealth of data and analysis extracted from the 3Q23 Baird-MDM Industrial Distribution Survey, including trending charts and figures for revenue and expectations, plus plenty of interesting commentary.

MDM 3Q 2023 MarketPulse Report

Find a wealth of data and analysis extracted from the 3Q23 Baird-MDM Industrial Distribution Survey, including trending charts and figures for revenue and expectations, plus plenty of interesting commentary.

MDM 3Q 2023 M&A Report

Our 2023 third quarter M&A report features in-depth articles on activity by Ferguson and Veritiv, and chronicles the overall quarterly pace of new deals.
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Top Distributor Sectors
Sandvik Buys UK Manufacturers

Sandvik, Stockholm, Sweden, has agreed to buy Extec Screens and Crushers Ltd., based in Birmingham, UK.
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Sandvik has also agreed to buy Fintec Crushing and Screening Ltd., Belfast, UK.
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Extec and Fintec, respectively, are manufacturers of mobile crushing and screening equipment, including consumables and services to the international construction industry.
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Extec employs 450 people and had sales of 1800 MSEK (US$266.4 million) in 2006. It has manufacturing facilities in Birmingham and Northern Ireland as well as sales and service facilities in Australia, the U.S. and Germany.
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Fintec employs 325 people and had sales of 560 MSEK (US$82.9 million) in 2006.
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Sandvik is a global industrial group focused on tools for ...
Top Distributor Sectors
Thomas & Betts Sales Up 7.4% in 1Q

Electrical and HVAC manufacturer Thomas & Betts Corporation, Memphis, TN, reported sales increased 7.4% in the first quarter 2007 to $474.6 million. Price increases to offset higher material and energy costs and volume improvements contributed to the sales increase. Profit was down slightly from the prior-year period.
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Thomas & Betts reported that demand remains positive in industrial and utility markets and is starting to strengthen in commercial construction markets.
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Electrical segment sales were $389.2 million in the first quarter, up 8.8% compared to the first quarter 2006. Electrical segment earnings were $64.9 million in the quarter, up 11.4% compared to the first quarter 2006. As a percent of sales, segment earnings were 16.7%.
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Top Distributor Sectors
WESCO 1Q Sales Up 15%

WESCO International Inc., Pittsburgh, PA, distributor of electrical MRO products and construction materials, reported sales of $1.45 billion in the first quarter 2007, up 15% from the same period a year ago. Sales from the acquisition of Communications Supply Corp., purchased in the fourth quarter 2006, were about $160 million.
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Profit was $48.2 million, up from $44.5 million in the same period a year ago.
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Core electrical sales rose 2%, while sales at CSC added 13% to consolidated sales revenue.
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WESCO had 2006 sales of $5.3 ...
Top Distributor Sectors
Rexel Reports Flat Growth in North America

Paris-based electrical distributor Rexel Inc. reported sales of 2.576 million euro (US$3.509 billion) in the first quarter 2007, up 31% from the same period last year. Growth was 5.9% on a comparable basis.
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Rexel saw double-digit organic growth in Europe and Asia-Pacific, with flat sales in North America.
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Sales in the U.S. grew 1.1%. The West Coast, Florida and Mid-Atlantic regions, where Rexel has higher exposure to residential activity, were hit by the decline of residential and related commercial construction projects. The South Central and Southern regions, where industrial activity is stronger than construction, fueled organic growth. Industrial and automation equipment posted growth of 4.5% for the quarter.
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Canada saw growth of 2.5% ...
Top Distributor Sectors
SKF Group Sales Grow 8% in 1Q
SKF reported sales of SEK 14,371 million (US$2.131 billion) in the first quarter 2007, up 8.1%. Profit was up by 4.9%.
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SKF reported that sales were significantly higher in Europe and Asia. Sales in North America were relatively unchanged and sales in Latin America were higher.
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The market demand for SKF's products and services in the second quarter of 2007 is expected to be higher. The demand is expected to be higher in Europe and Latin America, significantly higher in Asia and relatively unchanged in North America. The demand is expected to be higher in the Industrial and Service Division and slightly higher in the Automotive Division. ...
Top Distributor Sectors
Applied Industrial Sales Grow 5% in 3Q
Applied Industrial Technologies, Cleveland, OH, reported sales increased 4.8% to $521.1 million in the third quarter 2007 ended March 31, 2007. Profit was up 14%.
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For the nine-month period ended March 31, sales were up 6.4% to $1.486 billion. Profit was up 21%.
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With more than 440 facilities and 4,600 employee-associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 2 million parts to MRO and OEM customers.&nbsp ; For its fiscal year ended June 30, 2006, Applied posted sales of $1.9 billion.&nbsp ...
Top Distributor Sectors
Illinois Tool Works Sales Up 14% in 1Q
Illinois Tool Works Inc., Glenview, IL, reported sales increased 14% in the first quarter 2007, and profit went up 10%. Revenue was $3.76 billion.
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The increase came from strong results in international end markets tempered by slowing growth in a number of North American end markets. Total company base revenues grew 1%, with international base revenues increasing 8.9% and North American revenues declining 3.5%. Acquisitions added 10.7% to first-quarter revenues.
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North American Engineered Products first quarter revenues were slightly negative as base revenues declined 6.5% and acquisitions added 6.7%. Base revenues declined principally as a result of end market weakness in the residential construction and Detroit 3 automotive markets as well as a slowing across ...
Research & Analytics
Global Industrial Show Highlights Innovation

Tuesday, April 17. I'm finishing my second day at the Hannover Fair in Hannover, Germany. In its 60th year, it is a collection of 13 industrial trade fairs at one site. The scale and scope of this global event is amazing, humbling and exhausting. That's from someone who sometimes feels like half of life is spent at trade shows and conferences. Manufacturers, distributors and customers may in fact be consolidating, but this week is proof that the world of industrial products remains extremely fragmented. First impressions: I did not know there were so many manufacturers of electric motors, bearings, seals, and a long list of other products. The robotics and factory automation systems on display are simply incredible in terms of the combination of software with a range of ...
Top Distributor Sectors
Actuant Acquires Dutch Manufacturer

Actuant Corporation, Milwaukee, WI, has acquired T.T. Fijnmechanica B.V. for $20 million.
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Headquartered in Roermond, The Netherlands, TTF supplies products and systems for use in the bridge building, infrastructure and heavy lifting markets. Products include wedges, anchor heads, multi-strand jacks, and heavy lifting systems. TTF generated $10 million in sales in 2006, and has 30 employees.
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TTF will operate within Actuant's Enerpac business, which is part of Actuant's Industrial Segment.
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Actuant is a diversified industrial company with operations in more than 30 countries. The Actuant businesses focus on highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Actuant has sales of ...
Top Distributor Sectors
Air Liquide Buys Engineering Firm

Air Liquide, Paris, France, has acquired the engineering firm Lurgi, which is owned by Global Engineering Alliance, based on an equity value of 550 million euros, equivalent to an enterprise value of 200 million euros.
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The acquisition accelerates the growth of the Large Industries World Business Line, strengthening Air Liquide's position in hydrogen markets and providing access to Coal to Lquid and Coal to Chemicals sectors.
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With nearly 1,300 employees and total sales of around 850 million euros in 2006, Lurgi, a German-based company, produces hydrogen and synthesis gas to biofuel production processes. Lurgi's main engineering centers are situated in Germany, Poland, United States, India and South Africa.
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Air Liquide has five Engineering ...
Sales & Marketing
Home Depot Launches Eco Options Line

The Home Depot, Atlanta, GA, has launched its Eco Options program in the U.S. Eco Options is a classification that allows customers to easily identify products that have less of an impact on the environment.
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The Home Depot has identified more than 2,500 Eco Options products, including all-natural insect repellents, cellulose insulation, front-load washing machines, organic plant food and vegetables in biodegradable pots. The array of Eco Options also includes compact fluorescent light bulbs, programmable thermostats and certified wood.
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Products with the Eco Options label are either eco friendly by definition, such as solar lights that use natural power, or have met certain environmental performance criteria verified by Scientific Certification Systems, an ...
Top Distributor Sectors
Eaton Posts 5% Sales Gain in 1Q

Diversified industrial manufacturer Eaton Corporation, Cleveland, OH, reported an increase in sales of 5% in the first quarter 2007 to $3.2 billion. Profit was $234 million, up 15%.
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Sales growth in the first quarter included 1% from organic growth, 2% from acquisitions, and 2% from higher foreign exchange rates. End markets declined slightly more than 1% in the quarter, driven by the decline in the NAFTA heavy-duty truck market.
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Eaton reported it anticipates a decline of 3-4% in its end markets in 2007, due to the decline in the NAFTA heavy-duty truck market.
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Eaton saw weaker conditions in the first quarter in the North American markets for residential electrical equipment and hydraulics.
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Sales for the Electrical segment ...
Top Distributor Sectors
Grainger Sales Up 9% in 1Q

Grainger, Chicago, IL, reported sales of $1.5 billion in the first quarter, up 9% from the first quarter 2006. Profit increased 18% to $102 million.
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Daily sales increased 8% in January, 10% in February and 9% in March. The company's sales were positively affected by 1 percentage point for strong sales of seasonal products and negatively affected by 1 percentage point as the company unwinds low-margin contracts for automotive and integrated supply customers.
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Sales in the branch-based segment in the U.S., Mexico and China increased 10% in the first quarter. Daily sales grew by 9% in January, 11% in February and 11% in March.
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Sales in the U.S. were up 10%. The strongest sales growth in the U.S. came from government customers followed by ...
Economic Trends
Inflation Up 1% in March
The Producer Price Index for Finished Goods increased 1.0 percent in March, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported. This advance followed a 1.3 percent rise in February and a 0.6-percent decrease in January. The index for finished goods excluding foods and energy, or core inflation, was unchanged in March after moving up 0.4 percent in February.
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At the earlier stages of processing, prices received by producers of intermediate goods increased 1.0 percent in March following a 1.1-percent advance a month earlier, and the crude goods index rose 3.2 percent after climbing 8.9 percent in February.
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Among finished goods, the index for consumer goods less foods and energy edged up 0.1 percent in March following a ...
Plumbing Products & PVF Distribution
Wolseley’s First Half at a Glance
UK-based Wolseley plc, distributor of plumbing/HVAC and building materials, recently reported its first-half results, which were brought down by Stock Building Supply in the U.S. and boosted by Ferguson. Wolseley saw 9 percent organic growth in North America, but profit fell 15%. European operations however saw double-digit organic growth, with profit up 33 percent.
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Here are a few graphics from a recent slideshow Wolseley recently posted online on its first-half results. The full presentation is here.

Download the pdf below to see the ...
Top Distributor Sectors
Brady Corporation Acquires Sorbent Products
Brady Corporation, Milwaukee, WI, acquired Sorbent Products Co., Inc., Somerset, NJ.
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Sorbent Products is a manufacturer of synthetic sorbent materials used in a variety of industrial maintenance and environmental applications for spill clean-up, containment and control. Available in a variety of shapes, sizes and configurations, SPC sorbents and spill kits are used indoors and outdoors in virtually every type of industrial market and environmental sector.
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The company has manufacturing operations in the U.S., Belgium and Hong Kong. Sorbent had sales of $47 million in 2006.
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The acquisition of SPC allows Brady to broaden its product portfolio for the MRO market and enhance its position as a provider of products that protect premises.
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Free
Fastenal Sales Grow 13% in 1Q
The Fastenal Company, Winona, MN, sales of $489,157 for the first quarter ended March 31, 2007, an increase of 13.3% over the same period last year. Profit increased 12.9%.
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During the first three months of 2007, Fastenal opened 73 new sites, as it did in the first quarter 2006. There were 2,000 sites as of Dec. 31, 2006.
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Current Initiatives
During the last several years, Fastenal has been pursuing initiatives to improve its operational performance. These include: a new freight model, tactical changes to working capital model, an expanded store model called CSP2, and a 'master stocking hub' distribution model.
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The freight model is an effort to haul a higher percentage of products with the Fastenal trucking network and to charge ...
Finance
Spenard Builders Supply Acquires Polar Supply

Anchorage, AK-based Spenard Builders Supply, a division of Pro-Build Holdings, Denver, CO, has acquired Polar Supply Co., which operates in Anchorage,



Fairbanks and Kenai, according to the Home Channel News.

Polar Supply specializes in products required to build and maintain roads, bridges and pipelines and adds to Spenard's commercial product offerings.


Polar Supply's three facilities will each operate as a separate division within Spenard, focusing on major commercial contractors, pipeline and oil companies.


Based in Anchorage, Spenard Builders Supply ...

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