DXP Enterprises Acquires Mequipco Ltd., Expanding Industrial Services Footprint
DXPE has more than doubled off its 52-week low of $84.04.
Summary
DXP Enterprises announced the acquisition of Mequipco Ltd., a move that broadens its industrial services capabilities. No financial terms were disclosed, but the deal follows a pattern of bolt-on acquisitions, including General Repair Service in June. The company recently expanded its borrowing capacity with a new $225 million credit facility, providing ample liquidity for such deals. The acquisition aligns with DXP's strategy to grow through strategic add-ons in the fragmented industrial distribution and services market. Integration and financial impact will likely be detailed in the next earnings call.
At the time of this announcement, DXPE was trading at $170.98 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $84.04 to $183.91. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.