DXP acquires pump distributor Cortech
DXP Enterprises, a Texas, US-based pumping solutions and supply chain services provider, has announced the completion of the acquisition of Cortech Engineering, a distributor of pumps and related process equipment for Southern and Central California and Southern Nevada.
Cortech is headquartered in Yorba Linda, California, and operates out of three locations within the state.
The company is focused on serving customers in the municipal, water and wastewater, general industrial, chemical, and marine markets with approximately 55 employees.
Financial terms of the transactions were not disclosed, with signing of the definitive agreements occurring on September 1, 2015.
Sales and adjusted EBITDA for the last twelve months ending July 31, 2015 were approximately $26.2 million (€23.4 million) for DXP and $3.0 million for Cortech.
Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortisation, and non-recurring items that will not continue after the completion of the acquisition.