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DXP Enterprises Closes Acquisition of Turbo Machinery Repair in California
Monday 10 February 2020

10 February 2020 - US-based products and service distributor DXP Enterprises, Inc. (NASDAQ: DXPE) has closed the acquisition of pump and industrial equipment repair, maintenance, machining and labor services company Turbo Machinery Repair, Inc, the company said.

DXP funded the acquisition with cash on the balance sheet.

Founded in 1986, Turbo is headquartered and operates out of a single location in Richmond, California.

Turbo is focused on serving customers in the chemical, water/wastewater, municipal, power and general industrial markets with approximately 23 employees.

Financial terms of the transaction were not disclosed.

Signing of the definitive agreement occurred on January 31, 2020. Sales and adjusted EBITDA were approximately USD 4m and USD 750,000, 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.

DXP Enterprises, Inc. is a products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico and Dubai.

DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production services that emphasize and utilise 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.
Date Published: 10/02/2020
Target: Turbo Machinery Repair, Inc
Country: USA
Sector: Machinery/Engineering
Type: Corporate acquisition
Financing: Cash
Status: Closed
Buyer: DXP Enterprises, Inc
Terms of the deal were not disclosed