Turbo was founded in 1986 and operates out of a single location in Richmond, CA, north of Oakland. The company is a pump and industrial equipment repair, maintenance, machining and labor services company that serves customers in the chemical, waste/wastewater, municipal, power and general industrial markets. Turbo has approximately 23 employees, and is a Flowserve Authorized Pump Repair Service Center.
Terms were not disclosed for the deal, which was signed on Jan. 31. Houston-based DXP said Turbo’s 2019 sales and adjusted EBITDA were approximately $4 million and $750,000, respectively.
“We are pleased to welcome the Turbo employees to the DXP team. Turbo is a unique, well-run business focused on providing value-added service and repair capabilities to its customers,” said David Little, DXP chairman and CEO. “Turbo will provide DXP’s Rotating Equipment division with new geographic territory and enhance DXP’s end market mix. Turbo is a great company with key differentiators and provides us with high caliber people.”
“Turbo is our second acquisition this year and is another exciting addition to DXP,” added DXP CFO Kent Yee. “Turbo provides us with a strong pump repair facility in Northern California and complements our 2015 acquisition of Cortech. Turbo complements and diversifies DXP’s products and services and end market exposure. This transaction will be positive for Turbo and DXP’s customers, employees and shareholders.”