IDG makes New England acquisitions
By Staff -- Industrial Distribution, 6/1/1998
Atlanta, Ga.-- Industrial Distribution Group, Inc. continues to be hot on the acquisition trail.On May 8, the company announced the acquisition of four New England distributorships: REFCO, Inc., Hawley Industrial Supplies, Inc., Industrial Suppliers of New England, and Industrial and Tool Suppliers, LLC.
"The addition of these companies provides IDG with a solid platform from which to expand our presence in New England," IDG chairman and CEO Martin S. Pinson said in a news release. "We are extremely pleased to be opening our New England hub with such well-established and well-recognized firms, which together are expected to add approximately $70 million in annualized revenues."
Based in Boylston, Mass. with four locations in Massachusetts and New Hampshire, REFCO had sales of $34 million last year. REFCO will become the hub for IDG's operations in New England.
General-line distributor Hawley Industrial Supplies, Inc. is based in Bridgeport, Conn. The company's 1997 sales totaled $19.5 million. Jerry Stagg will continue to run the day-to-day operations of the new division.
Industrial Suppliers of New England is a third-generation company with offices in Nashua and Manchester, N.H., Worcester, Mass., and Lincoln, R.I. Revenues for 1997 were $10.5 million. Chuck Houston III will continue to run this division.
Industrial and Tool Suppliers is headquartered in Portland, Me. The company was formed last year through a joint venture between REFCO and Leen Industrial Suppliers of Maine. With annualized sales of approximately $6 million, Industrial and Tool Suppliers was acquired in a stock transaction.
"We are very excited about the opportunity to launch IDG's New England hub," said Mark Fuller of REFCO, speaking on behalf of the four acuirees. "With our combined experience and customer base, and the corporate infrastructure and capital support provided by IDG, we feel confident of our ability to build a very substantial operation in New England. Immediately, we will provide IDG with extensive coverage in all six New England states."
IDG expects to further consolidate the four companies under Fuller's leadership, according to Pinson.
IDG also announced in early May that its first-quarter pro-forma combined sales increased 15.9 percent from $73.1 million in 1997 to $84.7 million for 1998. Net income for the three months ended March 31, 1998 (excluding acquisition-related charges) increased 40 percent to $1.4 million.I
Industrial and Tool Suppliers is headquartered in Portland, Maine. The company was formed last year through a joint venture between REFCO and Leen Industrial Suppliers of Maine. With annualized sales of approximately $6 million, Industrial and Tool Suppliers was acquired in a stock transaction.
"We are very excited about the opportunity to launch IDG's New England hub," said Mark Fuller of REFCO, who is expected to serve as president of IDG's New England division. "With our combined experience and customer base, and the corporate infrastructure and capital support provided by IDG, we feel confident of our ability to build a very substantial operation in New England. Immediately, we will provide IDG with extensive coverage in all six New England states."
IDG expects to further consolidate the four companies under Fuller's leadership, according to Pinson.
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