DXP Enterprises

DXP Enterprises, Inc. and Precision Industries, Inc. Announce Definitive Agreement for the Acquisition of Precision Industries, Inc.

14:05 19.08.07  



HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ:DXPE) and Precision Industries, Inc.
announced today that DXP and Precision have entered into an all-cash
definitive purchase agreement for DXP to acquire Precision. The
acquisition is subject to certain customary conditions, including
regulatory approvals. DXP expects to fund the cash consideration of
approximately $106 million using available cash and borrowings under a
new credit facility.


Precision Industries, Inc., with headquarters in Omaha, Nebraska, was
founded in 1945 and has annualized 2007 sales of approximately $250
million. Precision is a national industrial distribution leader with 160
locations providing innovative supply chain management solutions through
branch-served custom contract solutions, integrated supply and
e-Commerce programs. Additional company information can be found on
Precisions website at www.precisionind.com.


By acquiring Precision, a company with a long
and established reputation for excellence and service, we continue to
execute our growth strategy, said David
Little, Chairman and CEO of DXP. We believe
that DXP and Precision are an ideal strategic and operational fit for
each other and look forward to welcoming the Precision team to the DXP
family. Precision has a culture and business model that is similar to
ours, and a successful management team with considerable experience and
success in supply chain management. Together, we believe we can better
serve local and national customers, offer a broader range of products
and services, and derive synergies by leveraging our combined purchasing
power and customer service.


We are excited about joining DXP through this
transaction, which will offer great opportunities for our customers and
our employees, said Dennis Circo, CEO of
Precision. He added, DXP is gaining a
talented team of employees who have worked very hard over the years to
build Precision into the company it is today.


This transaction will be positive for
Precision and DXPs customers and employees,
said Mac McConnell, DXPs Chief Financial
Officer.


DXP is represented by Stephens Inc. in this transaction.


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 DXPs
vast product knowledge and technical expertise in pumps, bearings, power
transmission, seals, hose, safety, fluid power, and electrical and
industrial supplies. DXPs 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.


 

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