DXP Enterprises has completed the acquisitions of Riordan and Florida Valve & Equipment Corp. and Environmental MD. 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.
David R. Little, Chairman and CEO, remarked, “We are pleased to welcome the Riordan and Florida Valve employees to the DXP team. Both are well-run businesses focused on providing value-added products and services to the water market. Riordan will provide DXP’s Water division with new geographic territory and Florida Valve will provide enhanced product capabilities. Riordan and Florida Valve are great companies with key differentiators and provides us with high caliber people.”
DXP Enterprises has completed the acquisitions of Riordan and Florida Valve & Equipment Corp
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.
Saade Chibani, President of DXP Water, commented, “Our expertise in the water and wastewater market continues to accelerate along with depth and reach of the DXP Water platform. We have now completed eight acquisitions over the last three years and look forward to continuing to build our presence. Riordan and Florida Valve strengthen our efforts and we look forward to our growth going forward.”
Kent Yee, CFO, added, “We are excited to welcome the talented and hardworking employees of Riordan and Florida Valve EMD to the DXP team. The combination of Riordan and Florida Valve furthers us in our mission to build DXP Water into a full-line products and service focused platform servicing the municipal and industrial water and wastewater treatment markets. We look forward to continuing on this path in 2023 as we scale DXP.”