DXP Enterprises, Inc. today announced the completion of its acquisition of Hartwell Environmental Corporation (“Hartwell”). Founded in 1976 and headquartered in Tomball, Texas, Hartwell operates from three locations serving the Texas, Oklahoma, and surrounding markets. As a leading manufacturer’s representative for pumps, controls, and process equipment, Hartwell specializes in the water and wastewater industry. The acquisition was funded by DXP using cash from its balance sheet.
“We are excited to welcome Hartwell Environmental to DXP. Hartwell strengthens our water and wastewater platform and provides valuable sales expertise to enhance our customer service and growth efforts in DXP Water. With Hartwell’s strong presence in our home market of Texas, this acquisition significantly supports our strategy,” said David Little, Chairman and CEO of DXP.
The definitive agreement was signed on September 1, 2024. For the twelve months ending July 31, 2024, Hartwell reported approximately $18.4 million in sales and $4.1 million in adjusted EBITDA, calculated as income before tax, plus interest, depreciation, amortization, and non-recurring items, minus go-forward selling costs.
“Hartwell’s strategic presence in Texas and Oklahoma will complement DXP’s range of technical products and services, enabling us to enhance our marketing strategies and further serve our customers,” added Little.
Kent Yee, Chief Financial Officer, expressed excitement over the acquisition, stating, “We’ve had ongoing discussions with Hartwell, and we are thrilled to welcome their talented team to DXP. This acquisition aligns with our strategy of targeting markets and business models that enhance DXP’s capabilities. Hartwell complements our focus on water and wastewater and represents our eleventh acquisition under DXP Water. This deal is a win for our customers, employees, and shareholders.”
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico, and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers.
