Houston-based pumping solutions and industrial supplies distributor DXP Enterprises acquired Hartwell Environmental Corporation.
The agreement was signed Sept. 1. DXP funded the acquisition of Hartwell with cash from its balance sheet.
Tomball, TX-based Hartwell — a pumps, controls and process equipment manufacturer representative — services customers out of three locations in Texas, Oklahoma and surrounding regions.
Terms of the transaction were not disclosed. DXP detailed that Hartwell reported $18.4 million in sales and adjusted EBITDA of $4.1 million for the last 12 months ended July 31.
“Hartwell adds another great company to our water and wastewater platform,” DXP Chairman and CEO David Little said in a Sept. 4 news release. “Hartwell provides DXP with exceptional sales expertise that will enhance our efforts and ability to collaborate and serve our customers and grow DXP Water. Hartwell provides us with a clear leader in our home market of Texas.”
“We continue to execute on our strategy of making acquisitions in markets and business models where we can continue to enhance DXP,” DXP CFO Kent Yee said. “Hartwell complements our recent focus on water and wastewater acquisitions and provides us with platforms in both Texas and Oklahoma and completes our eleventh acquisition under our DXP Water efforts. This transaction will be positive for Hartwell and DXP’s customers, employees and shareholders.”
This is DXP’s fourth acquisition announced in 2024, following Pro-Seal (Pontiac, MI), Kappe Associates (Houston, TX) and Hennesy Mechanical Sales (Phoenix, AZ).
Additionally, DXP reported its 2Q fiscal results on Aug. 8, showing year-over-year improvements in sales, gross margin and EBITDA.
DXP was No. 22 on MDM’s 2023 Top Industrial Distributors List, and No. 10 for MRO distributors.
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