HOUSTON — DXP Enterprises, Inc. has announced that it has completed the acquisition of Hartwell Environmental Corporation (“Hartwell”). Founded in 1976, Hartwell is headquartered in Tomball, Texas, and operates out of three locations servicing the Texas, Oklahoma and surrounding markets.
Hartwell is a manufacturer’s representative of pumps, controls and process equipment focused on serving the water and wastewater industry. DXP funded the acquisition with cash from the balance sheet.
“We are pleased to announce the acquisition of Hartwell Environmental. Hartwell adds another great company to our water and wastewater platform. Hartwell provides DXP with exceptional sales expertise that will enhance our efforts and ability to collaborate and serve our customers and grow DXP Water. Hartwell provides us with a clear leader in our home market of Texas,” commented David Little, chairman, and chief executive officer of DXP.
The signing of the definitive agreement occurred on September 1, 2024. Sales and adjusted EBITDA for Hartwell for the last twelve months ending July 31, 2024, were approximately $18.4 million and $4.1 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, plus depreciation and amortization, plus non-recurring items less go-forward selling costs.