October M&A Roundup: 4Q Launches with 2nd Most Deals of 2023

If you bet the “over” on merger-and-acquisition activity among industrial distributors and manufacturers for October, then you would have cashed in. The pace of relevant M&A activity increased yet again during the month, this time to 43 reported deals — the second most of any month so far in 2023. Only January (50 deals) had more, while April and August fall to third most with 40 deals each. In October, the sequential pace of M&A — which, as we reported before, has resembled a rollercoaster-like path — grew by 18 deals compared with September.

The monthly pace of deals rose during the preparation of a new M&A report, which revealed that 3Q M&A activity has slowed among most companies. According to data compiled by Houlihan Lokey, domestic M&A activity across all industries was down again in 3Q 2023, continuing a sequential downward trend that started during the last three months of 2021.

As for October itself, multiple companies announced more than one merger or acquisition. Atlas Copco added distributors in New Hampshire and Slovakia, while Foundation Building Materials added three new locations via acquisitions. Imperial Dade announced deals to acquire companies in Ohio and Quebec, while Ingersoll Rand and Timken each made a pair of additions as well. Not to be outdone, Sonepar announced agreements to acquire companies in Florida, Illinois and Michigan.

Read about all the deals from October by clicking the links below. Here’s our September roundup.

Don’t forget: MDM Premium members can download and read the 3Q 2023 M&A Report here.

October M&A:

These are the M&A announcements — primarily involving distributors, but also manufacturers that sell through the channel — relevant to the industrial, commercial and building supply markets MDM covers that we published during October 2023 (click the headline for more details):

• 4 Metal Fabrication Firms Merge to Create Caldera Manufacturing — Four U.S.-based industrial manufacturing companies – Summit Steel & Manufacturing, Fairlawn Tool, Laser Specialties and Summit Storage Solutions – announced the formation of a single manufacturing entity Caldera Manufacturing Group.
• Air-Power Tools Maker P&F Industries Going Private — On Oct. 13, Melville, New York-based air power tool maker P&F Industries, Inc. announced that it has entered into a definitive agreement to be acquired by ShoreView Industries in an all-cash transaction for $13 per share.
• Atlas Copco Adds Distributors in New Hampshire, Slovakia — Sweden-based pump, compressor and vacuum equipment manufacturer Atlas Copco announced in October that it has added three distributors to its compressor business.
• Beacon Adds Waterproofing Distributor Garvin — On Oct. 2, construction and building materials distributor Beacon announced it completed the acquisition of waterproofing distributor Garvin Construction Products based in Medford, Massachusetts.
• BlackHawk Acquires Advanced Industrial Supply in Idaho — Industrial distributor BlackHawk Industrial has completed the acquisition of Advanced Industrial Supply in Pocatello, Idaho.
• BradyIFS, Envoy Solutions Complete Blockbuster Merger — Major JanSan products, foodservice disposables and packaging supplies distributors BradyIFS and Envoy Solutions announced Oct. 31 that they have completed the landmark merger that they originally announced on Aug. 30.
• Dover to Buy Compressors Supplier FW Murphy for $530M — Downer’s Grove, Illinois-based manufacturer and solutions provider Dover announced Oct. 4 that it will acquire FW Murphy Production Controls LLC — a subsidiary of privately-owned Genisys Controls LLC — for $530 million.
• Eckart Supply to Expand in Indiana with ACES Acquisition — Corydon, Indiana-based Eckart Supply announced via LinkedIn on Oct. 18 that it has executed a letter of intent to acquire fellow electrical supplies distributor Automated Controls and Electrical Supply (ACES), based in Richmond, Indiana.
• Emerson Electric Closes National Instruments Acquisition — St. Louis, Missouri-based Emerson Electric announced Oct. 11 that it has closed its acquisition of National Instruments, a leading provider of software-connected automated test and measurement systems, at an equity value of $8.2 billion.
• Fortive to Acquire Germany’s Elektro-Automatik for $1.45B — Industrial conglomerate Fortive Corp. announced Oct. 23 that it has reached an agreement to acquire electronic test solutions maker EA Elektro-Automatik Holding GmbH for $1.45 billion.
• Foundation Building Materials Adds 11 Locations via 3 Acquisitions — Santa Ana, California-based Foundation Building Materials recently announced that it added 11 new locations via three acquisitions.
• GMS Acquires AMW Construction Supply in Phoenix — On Oct. 2, Tucker, Georgia-based specialty building products distributor GMS acquired Phoenix, Arizona-based tool and fastener distributor AMW Construction Supply.
• Green Mountain Acquires Atlantic Electrical Distribution Services — On Oct. 16, Vermont-based electrical distributor Green Mountain Electric Supply acquired Atlantic Electrical Distributor Services in Shrewsbury, Massachusetts.
• Greif to Acquire France’s IPACKCHEM in $538M Deal — On Oct. 30, industrial packaging supplies manufacturer Greif announced it has entered into negotiations to acquire IPACKCHEM Group SAS, a plastic packaging manufacturer, for $538 million.
• Imperial Dade Makes Acquisitions in Ohio, Quebec — JanSan and foodservice supply distributor Imperial Dade recently acquired an Ohio-based janitorial product distributor and a Quebec, Canada-based distributor of paper goods and packaging materials.
• Ingersoll Rand Acquires Firms in Canada, Slovakia — On Oct. 4, global pumps and compressors manufacturer Ingersoll Rand announced it has completed the acquisitions of Oxywise s.r.o. and Fraserwoods Fabrication and Machining Ltd. for a combined all-cash purchase price of approximately $26 million.
• Inline Electric Supply Acquires TVW Electrical in Alabama — Alabama-based electrical distributor Inline Electric Supply recently announced it has acquired TVW Electrical Supplies, a distributor of electrical supplies including lighting products, lighting controls and power distribution products.
• Integrity Partners Group Acquires West Penetone Mil/Aero Unit — Integrity Partners Group — a newly-formed chemical distribution platform owned by OpenGate Capital — announced Oct. 17 that it has acquired the military/aerospace division from cleaning solutions manufacturer West Penetone.
• Kodiak Acquires Don’s Appliance in Diversification Move — On Oct. 4, Highlands Ranch, Colorado-based Kodiak Building Partners announced that it has acquired Don’s Appliances, a home appliance supplier based in Pennsylvania.
• Metals Distributor Ryerson Acquires Norlen Inc. — Chicago-based Ryerson Holding Corporation — a value-added processor and distributor of industrial metals — announced Oct. 2 its acquisition of Norlen Incorporated, a full-service metal fabricator based in Schofield, Wisconsin. Financial details were not announced.
• MCE Acquires Nova Hydraulics in Indianapolis — On Oct. 3, Zelienople, Pennsylvania-based industrial distributor Motion & Control Enterprises announced that it has acquired Indianapolis-based Nova Hydraulics, Inc., MCE’s fifth acquisition this year.
• Offen Petroleum Adds Douglas Distributing’s Wholesale Unit — NRC Realty & Capital Advisors announced Oct. 31 that it served as the exclusive financial advisor to W. Douglass Distributing in the sale of Douglas’ wholesale businesses to fuels and lubricants distributor Offen Petroleum, based in Commerce City, Colorado.
• Packaging Supplier Greif Acquires Reliance Products in Canada — On Oct. 2, Delaware, Ohio-based industrial packaging supplier Greif announced it has acquired Reliance Products, Ltd., a producer of barrier and conventional blow-molded jerrycans and small plastic containers in Winnipeg, Manitoba.
• Palmdale Oil to Acquire Florida’s Como Oil & Propane — Fort Pierce, Florida-based Palmdale Oil — a provider of fuels, lubricants and chemicals with delivery solutions — announced Oct. 2 that it has acquired Como Oil & Propane of Florida, a full-service fuel and propane distributor.
• Platinum Equity to Buy Stake in US LBM from Bain Capital — Buffalo Grove, Illinois-based building materials distributor US LBM announced Oct. 16 the signing of a definitive agreement for Platinum Equity to acquire a stake in the company from Bain Capital Private Equity.
• Schaedler Yesco Acquires Clarion Electric Supply — On Oct. 9, Harrisburg, Pennsylvania-based electrical distributor Schaedler Yesco Distribution announced it has agreed to acquire Clarion Electric Supply, an electrical parts and service company based in northwest Pennsylvania.
• Singer Industrial Adds Distributors in Minnesota, California — Dallas-based Singer Industrial, formerly SBP Holdings, announced it has “joined forces” with two distributors — one in Minnesota and another in California.
• Sonepar Canada Acquires Accu-Flo Meter Service — On Oct. 5, electrical distributor Sonepar announced that its wholly-owned Canadian subsidiary — Sonepar Canada, Inc. — has entered into an asset purchase agreement with Accu-Flo Meter Service Ltd. for its electrical manufacturing and assembly services division.
• Sonepar Makes Splash in Florida, Acquires ESI — On Oct. 3, electrical distributor Sonepar announced that its U.S. subsidiary, World Electric,  acquired Electric Supply of Tampa, LLC (ESI) from Supply Chain Equity Partners.
• Sonepar’s Viking Electric to Acquire Sunrise Electric in Chicago — On Oct. 19, Sonepar announced that its US subsidiary, Viking Electric, has signed an agreement to acquire Sunrise Electric Supply, a Chicago-based electrical supply company.
• Switzerland’s Tyrolit Acquires Acme Abrasives in Michigan — Grinding and dressing tools manufacturer Tyrolit Group announced that it has acquired all of the stock of Acme Holding Company, according to an Oct. 6 news release.
• Sysco to Acquire Distributor Edward Don — On Oct. 11, Houston, Texas-based foodservice distributor Sysco Corp. announced it has agreed to acquire Chicago-based foodservice equipment, supply and disposables distributor Edward Don & Company (DON).
• Timken Acquires Linear Motion Supplier Rosa Sistemi in Italy — On Oct. 2, North Canton, Ohio-based bearings manufacturer The Timken Company acquired Rosa Sistemi, a European designer and manufacturer of roller guideways, linear bearings, customized linear systems and actuators, commercialized ball guideways and precision ball screws.
• Timken to Acquire Engineered Solutions Group in Houston — On Oct. 16, North Canton, Ohio-based bearings manufacturer The Timken Company announced it has reached an agreement to acquire Engineered Solutions Group (iMECH), based in Houston, Texas.
• US LBM Acquires Manning Building Supplies in Florida — On Oct. 4, Buffalo Grove, Illinois-based building materials distributor US LBM announced it has acquired Jacksonville-based Manning Building Supplies, a provider of building products and manufactured components to professional builders in Eastern and Central Florida.
• Wiseway Supply Enters Indiana, Acquires Stearns Supply — On Oct. 20, Kentucky-based electrical and plumbing supply distributor Wiseway Supply announced it acquired plumbing supply company Stearns Supply of North Vernon Indiana.
• Winsupply Acquires Keidel Supply in Ohio — On Oct. 3, Dayton, Ohio-based industrial distributor Winsupply Inc. completed the purchase of Keidel Supply, a Cincinnati-based plumbing, cabinetry, lighting, appliance, and PVF distributor.

Premium members can download the 3Q 2023 M&A Report here. All other Premium and monthly reports are available to download here.

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