DXPE acquires Cortech Engineering
DXP Enterprises announced the completion of the acquisition of Cortech Engineering, LLC, a distributor of pumps and related process equipment for Southern and Central California and Southern Nevada.
Founded in 1987, Cortech is headquartered in Yorba Linda, Calif., and operates out of three locations: Yorba Linda, Bakersfield and National City, Calif. Cortech serves customers in the municipal, water and waste-water, general industrial, chemical and marine markets with approximately 55 employees.
Financial terms of the transactions were not disclosed. Signing of the definitive agreements occurred on September 1, 2015. Sales and adjusted EBITDA for the last 12 months ending July 31, 2015 were approximately $26.2 million and $3.0 million, respectively.
“We are pleased to welcome the Cortech employees to the DXP team. Cortech is a premier, well-run business focused on providing rotating equipment solutions to its customers. We are excited to utilize Cortech’s experience to bolster our market share in the municipal waste-water treatment, water treatment and desalination markets for California, the West Coast and throughout the United States," said David Little, chief executive officer. "With Cortech, we continue to build on our strategy of providing a breadth of technical products and services on a regional and local level. Cortech provides us immediate access to the U.S. Western seaboard, while allowing us to continue to serve our customers evolving needs. Cortech is a great company with key differentiators and provides us with high caliber people.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
