DXP Enterprises acquires Application Specialties
DXP Enterprises acquired Application Specialties Inc., a distributor of cutting tools, abrasives, coolants and machine shop supplies.
Founded in 1989, ASI is headquartered in Auburn, Washington, and operates out of three locations in the state of Washington including Auburn, Everett and Vancouver. ASI is focused on serving customers in the aerospace, construction, medical and firearm markets with approximately 33 employees.
Financial terms of the transaction were not disclosed. Signing of the definitive agreement occurred on Jan. 1, 2018. Sales and adjusted EBITDA were approximately $37 million and $2.9 million, respectively.
“We are pleased to welcome the ASI employees to the DXP team. ASI is a unique, well-run business focused on providing value-added solutions to its customers. ASI will provide DXP’s Metal Working division with new geographic territory and enhance DXP’s end market mix," said David R. Little, chairman and CEO of DXP Enterprises.
He added that the acquistion of ASI provides scale and access to the U.S. Pacific Northwest market.
“ASI is pleased to be part of the dynamic DXP family. This is a great opportunity for our employees and customers. DXP has a great legacy of growth and we plan to continue that growth. We are excited for the next stage of ASI and helping DXP become a dominant force within cutting tools, the aerospace industry and on the Western side of the United States,” added Mel Whitney, president of ASI.
INDUSTRIAL SUPPLY MAGAZINE
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