HOUSTON, Texas - DXP Enterprises, Inc. announced that it has completed the acquisitions of Drydon Equipment, Inc., and Burglingame Engineers.
Drydon is a distributor and manufacturers representative of pumps, valves, controls and process equipment focused on serving the water and wastewater industry in the Central and Northern Illinois, Northwest Indiana, Wisconsin and the Upper Peninsula of Michigan territories and markets. Burlingame is a California provider of water and wastewater equipment in the industrial and municipal sectors. Financial terms of the transactions were not disclosed. DXP funded the acquisitions with cash from the balance sheet and DXP Enterprises, Inc. common stock as consideration.
Signing of the definitive agreements occurred on March 1, 2022. Sales and adjusted EBITDA for Drydon and Burlingame for the last twelve months ending December 31, 2021 were approximately $8.9 million and $1.4 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, plus depreciation and amortization, plus non-recurring items that will not continue after the acquisition.