Industrial and business supplies distributor Global Industrial Company announced May 22 that it has acquired Indoff Inc. for approximately $69.2 million in cash.
St. Louis, Missouri-based Indoff is a distributor of products and solutions across verticals of material handling, commercial interiors, business products, energy solutions, appliances and promotional apparel & printing.
Indoff, which generated revenue of about $180 million in 2022 and has been in business since 1971, is a “strategic fit with Global Industrial’s business and multi-channel sales model,” company officials said in a news release.
“Indoff’s network of more than 350 sales partners extends our one-to-one sales reach to new customers and markets. In addition, strong core product alignment in material handling, indoor and outdoor furniture, storage and shelving, appliances, and other core categories, along with new service capabilities and project-related expertise, further strengthens our overall value proposition,” Global Industrial CEO Barry Litwin said.
He added: “We see a number of opportunities to enhance the value we collectively provide, including opening a new channel to deliver Global’s Exclusive Brand offering and national brand assortment, and the broader utilization of B2B eCommerce platforms.”
Indoff will continue to operate under its current brand and leadership team as a wholly-owned subsidiary of Global Industrial Company.
The acquisition was funded from the company’s existing credit facility and cash on hand.
Port Washington, New York-based Global Industrial reported first-quarter 2023 sales of $273.8 million, a 5.1% decrease compared to $288.6 million during the first quarter of 2022.
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