DXP Enterprises Completes Acquisition of Premier Water
September 22 2021 - 4:39PM
Business Wire
- Enhances DXP’s National Water and Wastewater Efforts
- Adds New Rotating Equipment Geography
- Continues to Accelerate End Market Diversification
DXP Enterprises, Inc. (NASDAQ: DXPE) today announced the
completion of the acquisition of Premier Water (“Premier”), a
leading distributor and provider of products and services
exclusively focused on serving the water and wastewater treatment
markets in North and South Carolina. Financial terms of the
transaction were not disclosed.
Founded in 2005, Premier is headquartered and operates out of a
single location in Charlotte, North Carolina. Premier is focused on
serving customers in the water and wastewater treatment markets
with approximately 6 employees. Signing of the definitive agreement
occurred on September 20, 2021. Sales and adjusted EBITDA were
approximately $3.6 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 R. Little, Chairman and CEO remarked, “We are pleased to
welcome the Premier employees to the DXP team. Premier is a unique,
well-run business focused on providing process equipment to
customers in the water and wastewater market. Premier is a nice
addition after completing the purchase of Carter & Verplanck
that will enhance DXP’s end market mix. Premier is a great company
with key differentiators and provides us with high caliber
people.”
Kent Yee, CFO added, “We are excited to welcome the talented and
hardworking employees of Premier to the DXP team. Premier is our
third acquisition this year. Premier enhances our water and
wastewater efforts and complements our recent acquisition of Carter
& Verplanck. Premier diversifies DXP’s products and services
and end market exposure. This transaction will be positive for
Premier and DXP’s customers, employees and shareholders.”
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service
distributor that adds value and total cost savings solutions to
industrial customers throughout the United States, Canada and
Dubai. DXP provides innovative pumping solutions, supply chain
services and maintenance, repair, operating and production ("MROP")
services that emphasize and utilize DXP’s vast product knowledge
and technical expertise in rotating equipment, bearings, power
transmission, metal working, industrial supplies and safety
products and services. DXP's breadth of MROP products and service
solutions allows DXP to be flexible and customer-driven, creating
competitive advantages for our customers. DXP’s business segments
include Service Centers, Innovative Pumping Solutions and Supply
Chain Services. For more information, go to www.dxpe.com.
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. These
forward-looking statements include without limitation those about
the Company’s expectations regarding the impact of and recovery
from the COVID-19 pandemic and the impact of low commodity prices
of oil and gas; the Company’s business, the Company’s future
profitability, cash flow, liquidity, and growth. 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; decreases in oil and natural gas prices; decreases in
oil and natural gas industry expenditure levels, which may result
from decreased oil and natural gas prices or other factors; ability
to obtain needed capital, dependence on existing management,
leverage and debt service, domestic or global economic conditions,
economic risks related to the impact of COVID-19, ability to manage
changes and the continued health or availability of management
personnel and changes in customer preferences and attitudes. In
some cases, you can identify forward-looking statements by
terminology such as, but not limited to, “may,” “will,” “should,”
“intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”
“predict,” “potential,” “goal,” or “continue” or the negative of
such terms or other comparable terminology. For more information,
review the Company’s filings with the Securities and Exchange
Commission. More information on these risks and other potential
factors that could affect the Company’s business and financial
results is included in the Company’s filings with the SEC,
including in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of the Company’s most recently filed periodic reports on Form 10-K
and Form 10-Q and subsequent filings. The Company assumes no
obligation to update any forward-looking statements or information,
which speak as of their respective dates.
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version on businesswire.com: https://www.businesswire.com/news/home/20210922005986/en/
Kent Yee 713-996-4700 Senior Vice President, CFO
www.dxpe.com
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