Houston Wire & Cable Company Announces Acquisition of Vertex

Houston Wire & Cable Company today announced that it has purchased Vertex Corporate Holdings, Inc. and its subsidiaries from DXP Enterprises, Inc. (NASDAQ: DXPE). Vertex is a leading master distributor of industrial fasteners with sales and distribution centers throughout the United States. Specializing in corrosion resistant and specialty alloy inch and metric threaded fasteners, rivets, and hose clamps, Vertex products are used in a broad array of end markets including industrial supply, water and waste water, general manufacturing, power generation, marine, and oil and gas.

Under the terms of the agreement, the purchase price for the acquisition of the company is $32.3 million, subject to an adjustment based on the net working capital of the acquired company on the closing date. HWCC is financing the payment of the purchase price through borrowings under its credit facility. James Pokluda III, President and CEO of HWCC commented, "Vertex has a well established reputation as a leading master distributor of industrial fasteners with high quality products, outstanding customer service, and superior operational excellence. This acquisition leverages HWCC's core strength in master distribution and its national distribution platform into new product categories and represents a great example of how its model can be used to further penetrate industrial end markets."

source : You are not allowed to view links. Register or Login