DXP Enterprises Acquires Alaska Pump & Supply
On July 2, DXP Enterprises, Inc. completed its acquisition of Alaska Pump & Supply, Inc. after signing definitive agreements the day before.
DXP is a leading products and services distributor that provides innovative pumping solutions, integrated supply and MROP (maintenance, repair, operating and production) in nearly every global industry. Alaska Pump is a leading distributor of pump products, process equipment, and services for oil & gas, petrochemical, municipal, power generation, marine and industrial markets in Alaska.
“We are pleased to welcome the Alaska Pump employees to the DXP team, says David Little, Chief Executive Officer. “With Alaska Pump, we continue to build on our strategy of providing a breadth of technical products and services on the regional and local level. Alaska Pump will expand DXP's Rotating Equipment division within a new market for DXP and allow us to continue to serve our customers' evolving needs. Alaska Pump is a great company with high caliber people.”
The company did not disclose financial terms of the acquisition. Sales and adjusted EBITDA (income before tax, plus interest, depreciation and amortization, and non-recurring items that will not continue after the completion of the acquisition) for the fiscal year ending May 31 were approximately $16.1 million and $2.4 million, respectively.
"Alaska Pump complements DXP's end markets and provides entry into a geographic region we have not historically served,” says Kent Yee, Senior Vice President Corporate Development. “Alaska Pump’s local market expertise combined with DXP's size and scale will help us provide better customer solutions. We anticipate this acquisition to be accretive to earnings and further expand our Rotating Equipment division."