DXP Enterprises Inc has completed the acquisition of Carter & Verplanck Inc (CVI), a US distributor of products and services for the water and wastewater markets.
Carter & Verplanck provides bio-solid and residual, potable water management and wastewater treatments solutions. The product range includes filters and pumps. Carter & Verplanck also operates a full-service company from design and engineering, through installation and start-up, as well as ongoing field support.
Founded in 1927, Carter & Verplanck is headquartered in Tampa, Florida and serves the Florida, Tennessee, Georgia and Alabama markets. The company had 2020 sales of approximately US$29.5 million and EBITDA of US$5.0 million and employs around 17 people.
The purchase will be financed with cash from DXP’s balance sheet and DXP Enterprises Inc common stock as consideration.
“Along with our recent acquisitions at year end, CVI will expand our water and wastewater offering and provide us with a platform and an opportunity to better serve these targeted market needs,” said David Little, CEO of DXP Enterprises. “Similar to DXP, Carter & Verplanck is focused on providing superior customer service and product expertise. CVI is a great company with high calibre people.”
“Carter & Verplanck complements our recent acquisitions and provides us with a platform to effectively serve the water and wastewater customer needs,” said Kent Yee, chief financial officer of DXP Enterprises. “We look forward to scaling the business and diversifying DXP further. The acquisition will expand our market share in the water and wastewater markets, the Florida market and our leading rotating equipment product division.”
