HD Supply to sell Industrial PVF business
HD Supply has agreed to sell its Industrial PVF business to Shale-Inland Holdings LLC.
The transaction, expected to close this month, is part of a deal in which Shale-Inland Holdings will be acquired by investment firms TowerBrook Capital Partners LP and The Stephens Group LLC. The Shale-Inland and HD Supply IPVF businesses will be merged after the transactions are completed.
“After careful evaluation, we determined that divesting our Industrial PVF business is in the best interests of our company as we seek to continue strengthening our industry-leading businesses,” said Joe DeAngelo, CEO of HD Supply. “The Industrial PVF team, with the expertise of its many seasoned industry veterans, has done a tremendous job and they can be proud that this new chapter is the result of the momentum they have built and the success of their initiatives.”
HD Supply's IPVF business, comprised of several businesses including Southwest Stainless & Alloy, J& J Alloys, Sunbelt Supply Co. and Metals Inc., are master and industrial distributors of stainless steel, chrome, nickel and nickel alloys, aluminum and carbon steel pipe, plate, bar, coil, sheet, valves, flanges and fittings.
"We are excited to embark on this new phase for Shale-Inland, which we expect will help take our company to a new level of performance," said Craig T. Bouchard, chief executive officer of Shale-Inland. "The potential combination of the assets and people of IPVF's businesses with Shale-Inland would create a powerful and well-diversified industrial supply business serving over 6,000 customers on four continents."
"Aligning Industrial PVF with an owner focused solely on their business model will allow them to capitalize on the momentum they have built," added DeAngelo. "Shale-Inland's market focus will provide additional opportunities to accelerate future growth for the IPVF business and its employees."
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.
