DXP Enterprises, Inc. is a leading products and service distributor focused on adding value and total cost savings solutions to MRO and OEM customers in virtually every industry since 1908. DXP provides innovative pumping solutions, integrated supply and MROP (maintenance, repair, operating and production) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in pumps, bearings, power transmission, safety and industrial supplies. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer driven, creating competitive advantages for its customers.The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company's filings with the Securities and Exchange Commission.
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."