DXP Enterprises completed the acquisition of service company Kappe Associates, according to a Feb. 5 press release. The purchase price was not disclosed.
DXP signed a definitive agreement to purchase Kappe on Feb. 1, 2024. In the 12 months ending Dec. 31, Kappe sales were approximately $25.4 million, and adjusted was EBITDA $3.8 million.
Kappe, based in Maryland, is a leading distributor and manufacturers’ representative of pumps, controls and process equipment focused on serving the water and wastewater industry. DXP funded the acquisition with cash from the balance sheet. The company operates in Maryland, the District of Columbia, Delaware, Virginia, Pennsylvania, Southern New Jersey and West Virginia.
“We are pleased to announce the acquisition of Kappe and start the year with great additions to our water and wastewater growth efforts,” said David Little, DXP’s chair and CEO. “Each company provides DXP with exceptional sales expertise that will enhance our efforts and ability to collaborate and serve our customers and grow our DXP Water platform.”
“These acquisitions are consistent with our growth strategy and demonstrate our commitment to expanding DXP into the water and wastewater treatment markets as well as maintaining our leading position as the largest distributor of rotating equipment in North America.”
Recommended Reading
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
CNOOC Makes 100 MMton Oilfield Discovery in Bohai Sea
2024-03-18 - CNOOC said the Qinhuangdao 27-3 oilfield has been tested to produce approximately 742 bbl/d of oil from a single well.