DXP Enterprises, Inc. announced that is has completed the acquisitions of Riordan Materials Corporation (“Riordan”) and Florida Valve & Equipment Corp. and Environmental MD (“Florida Valve EMD”). DXP funded the acquisitions with cash on the balance sheet.
Riordan is a leading provider of products for water treatment, wastewater treatment, odor control, solids handling, pumping and biosolid processes in the states of Maryland, New Jersey, Pennsylvania, Delaware and Virginia. Florida Valve EMD is a leading provider of valve and related products and services for the municipal water markets in the state of Florida.
Signing of the definitive agreements occurred on May 1, 2023. Sales and adjusted EBITDA for Riordan and Florida Valve EMD for the last twelve months ending March 31, 2023, were approximately $14.2 million and $3.2 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortization, plus non-recurring items that will not continue after the acquisition.
Courtesy of DXP Enterprises.