HOUSTON — DXP Enterprises announced Sept. 22 the completion of the acquisition of Premier Water, a distributor and provider of products and services exclusively focused on serving the water and wastewater treatment markets in North and South Carolina. Financial terms of the transaction were not disclosed.
Founded in 2005, Premier is headquartered and operates out of a single location in Charlotte, NC. Premier is focused on serving customers in the water and wastewater treatment markets with approximately 6 employees. Signing of the definitive agreement occurred on Sept. 20. Sales and adjusted EBITDA were approximately $3.6 million and $850 thousand, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortization, and non-recurring items that will not continue after the completion of the acquisition.
David R. Little, Chairman and CEO remarked, “We are pleased to welcome the Premier employees to the DXP team. Premier is a unique, well-run business focused on providing process equipment to customers in the water and wastewater market. Premier is a nice addition after completing the purchase of Carter & Verplanck that will enhance DXP’s end market mix. Premier is a great company with key differentiators and provides us with high caliber people.”
Kent Yee, CFO added, “We are excited to welcome the talented and hardworking employees of Premier to the DXP team. Premier is our third acquisition this year. Premier enhances our water and wastewater efforts and complements our recent acquisition of Carter & Verplanck. Premier diversifies DXP’s products and services and end market exposure. This transaction will be positive for Premier and DXP’s customers, employees and shareholders.”