IDG backs away from CSI purchase
Industrial Distribution Group has notified Commercial Solutions Inc. that it was withdrawing its offer to purchase the company.
IDG announced in December its plan to acquire Commercial Solutions Inc. for $51.9 million. No reason was given for why IDG decided to walk away from the acquisition.
Headquartered in Edmonton, Alberta, Commercial Solutions is a Canadian distributor of bearings, power transmission equipment, oilfield, industrial, and safety products. It has 23 services centers and approximately 275 employees located primarily in Western Canada.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
