DXP Enterprises said Tuesday that an existing asset-based revolving credit facility has been increased by $50 million under a new agreement.
The deal, which included the company and certain subsidiaries — some as borrowers and others as guarantors — raised the ABL facility from $135 million to $185 million. Up to $175 million of that total would be available to U.S. borrowers, while up to $10 million would be available for borrowers in Canada.
Company officials said the move would give DXP operational and financial flexibility to “reinvest in the business and pursue its organic and acquisition growth strategy.”
“We are pleased with another amendment to our ABL increasing our borrowing capacity by $50 million,” DXP CFO Kent Yee said in a statement. “This accomplished several objectives, including creating liquidity and flexibility going forward as we look to accelerate growth via acquisitions and strategically reinvest in the business.
“DXP continues to be well-positioned to support its disciplined growth strategy.”
DXP ranked at no. 17 on ID's latest Big 50.
