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JACKSONVILLE, Fla. -- Interline Brands, Inc., a leading distributor and direct marketer of maintenance, repair and operations products, announced today that it has acquired substantially all of the assets of CleanSource, Inc, a distributor of janitorial and sanitation supplies, for $60.1 million, comprised of $54.6 million in cash plus an earn-out of up to $5.5 million in cash over the next two years, subject to working capital and other closing adjustments. The transaction is expected to be neutral to Interline's fiscal 2010 results after acquisition-related expenses, but accretive to future earnings periods.

CleanSource, a leading regional JanSan distributor headquartered in San Jose, California, primarily serves institutional facilities in the healthcare and education markets, as well as building services contractors.  For the twelve-month period ended September 30, 2010, CleanSource generated approximately $115 million of sales.

"The acquisition of CleanSource fits well with our strategy of acquiring well-run businesses with leadership positions in attractive facilities maintenance markets," said Michael J. Grebe, Interline's Chairman and Chief Executive Officer.  "In addition to being accretive, we believe the acquisition offers numerous opportunities to grow sales and improve profitability.  In particular, the acquisition enhances our position in the strategically important JanSan market as well as provides us with an opportunity to expand our national account capability to the West Coast. In addition, the transaction provides the potential for meaningful operating and sales benefits as we leverage our platform to generate cost synergies and sourcing benefits, as well as cross-sell more products to deliver a better value proposition to our customers. We have a very high regard for CleanSource's employees, their culture, and their valued relationships with customers and suppliers.  They have a strong service-oriented approach, which is an excellent fit with Interline's culture."

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