DXP Enterprises, Inc. (NASDAQ: DXPE) announced today the completion of the acquisition of substantially all the assets of Mid-Continent Safety, LLC ("Mid-Continent"), a leading distributor of safety products in the Midwest.
Founded in 1938, Mid-Continent Safety is headquartered in Wichita, Kansas and operates out of three locations in Kansas, Nebraska and Oklahoma. Mid-Continent is focused on serving customers in the oil & gas, refining, power and general industrial markets. Mid-Continent provides safety instrumentation, fall and hand protection and other related safety products with approximately 19 employees.
Financial terms of the transaction were not disclosed. Signing of the definitive agreement occurred on January 31, 2012. Sales and adjusted EBITDA for Mid-Continent for the last twelve months ending December 31, 2011 were approximately $10 million and $850 thousand, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortization, and non-recurring items that will not continue after the completion of the acquisition.
David Little, Chief Executive Officer, stated, “We are pleased to welcome the Mid-Continent employees to the DXP team. Mid-Continent is a professional, well-run business focused on providing solutions to its customers. Mid-Continent will expand DXP's Safety Services division and allow us to continue to serve our customers' evolving needs. Mid-Continent is a great company with high caliber people.”"Mid-Continent Safety is a leader in the Midwest with an outstanding reputation and our latest step in the expansion of DXP Safety Services - a leader in safety that provides expertise in safety products and services to a diversified North American customer base," stated Greg Oliver, Vice President Safety Products and Services. Greg Oliver also stated, "DXP Safety Services is focused on organic and acquisition driven growth in 2012 and is looking to add high quality safety companies and people." Kent Yee, Senior Vice President Corporate Development, added further, "Mid-Continent strengthens our North Central region, complements DXP's end markets and adds further scale to our Safety Services division. We anticipate this acquisition to be accretive to earnings and further expands our safety products and services platform."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV