Just a month after announcing a slimming down by divesting its Bishop Lifting Products subsidiary, SBP Holdings announced March 1 that it has bulked up in a different vertical: fluid power.
Dallas-based SBP — No. 24 on Industrial Distribution's 2021 Big 50 List — said it has acquired Green River, WY-based Hydrafab. Established in 2007 by founders Mark and Amy Hlad, Hydrafab operates from one location with approximately 14 team members. The company provides repair services, fabrication and sales for all types of hydraulic products including pumps, valves and cylinders. Hydrafab brands itself as an expert in repair in the mining operations of Wyoming. Its key markets include mining, construction equipment and in-plant systems.
SBP said the Hlad’s will continue to manage the Hydrafab operation and expand the enterprise through organic growth and cooperation with other SBP Holdings companies.
The addition grows SBP's North America footprint to about 70 locations and over 1,000 employees. SBP had 95 locations and about 1,300 employees before the Bishop Lifting Products sale.
It adds to SBP's fluid power/automation vertical that operates primarily under the Dakota Fluid Power brand. SBP's other vertical is in industrial rubber, primarily doing businesses as Singer Equities.
"We are truly excited about teaming up with Mark and Amy and the Team at Hydrafab to continue to expand our fluid power offering and geographic footprint," said SBP chief executive Craig Osborne, who was promoted to company CEO a year ago. "Fluid power continues to be a large addressable market with tremendous opportunity for growth and there is no question we have a solid base and the ability to expand.”
"We are looking forward to having the Hydrafab Team join our Fluid Power group!" Dakota Fluid Power president Rick Lindermann echoed. "Their reputation and business model of providing fast turnaround and quality service to their customers, aligns very well with the other companies in our platform."
Hydrafab's Mark Hlad added, “I feel strongly that we have teamed up with the right group to continue the Hydrafab tradition of supporting customers.”
Prior to the Bishop Lifting Products divestment news that SBP announced Feb. 1, other recent news out of SBP Holdings includes the acquisition of OB&E Rubber in Indiana (announced Dec. 31, 2021); the acquisition of Watts Steam Store in Idaho (announced Dec. 3, 2021); and the acquisition of Kenco Hydraulics in Pennslyvania (announced June 6, 2021)