DXP Enterprises, No. 19 on Industrial Distribution's 2014 Big 50 List, on Wednesday announced its completed acquisition of Oregon-based Tool Supply, Inc., a distributor of cutting tools, abrasives, coolants, and machine shop supplies.
Tool Supply is headquartered in Tualatin, OR and operates out of additional locations in Eugene, OR and Rancho Cucmonga, CA. It serves customers in the transportation-aircraft, general industrial machining, wood processing, aerospace, and OEM markets with approximately 13 employees.
Financial terms of the transactions were not disclosed.
David Little, Chief Executive Officer, stated, “We are pleased to welcome the Tool Supply employees to the DXP team. Tool Supply is a professional, well-run business focused on providing solutions to its customers. Tool Supply will expand DXP's Metal Working division and allow us to continue to serve our customers’ evolving needs. Tool Supply is a great company with key differentiators within cutting tools and provides us with high caliber people.”
"Tool Supply provides us with a cutting tool beachhead in the Pacific Northwest and California, strengthens our cutting tool product offering and complements DXP's end markets," added Kent Yee, DXP Senior Vice President Corporate Development. "Tool Supply’s local market expertise combined with DXP's size and scale will help us provide better customer solutions and provide additional expansion opportunities. We anticipate this acquisition to be accretive to earnings and further expand our Metal Working products and services platform."