On October 3, 2016, Houston Wire and Cable Company (NASDAQ: HWCC) purchased Vertex Corporate Holdings, Inc. and its subsidiaries from DXP Enterprises, Inc. (NASDAQ: DXPE). Vertex is a leading master distributor of industrial fasteners with sales and distribution centers throughout the United States. Specializing in corrosion resistant and specialty alloy inch and metric threaded fasteners, rivets, and hose clamps, Vertex products are used in a broad array of end markets including industrial supply, water and waste water, general manufacturing, power generation, marine, and oil and gas.
Under the terms of the agreement, Houston Wire and Cable ("HWC") purchased Vertex Distribution for $32.3 million, subject to an adjustment based on the net working capital of the acquired company on the closing date. HWC is financing the payment of the purchase price through borrowings under its credit facility.
Mr. James Pokluda III, President and CEO of HWC commented, "Vertex has a well established reputation as a leading master distributor of industrial fasteners with high quality products, outstanding customer service, and superior operational excellence. This acquisition leverages HWC's core strength in master distribution and its national distribution platform into new product categories and represents a great example of how its model can be used to further penetrate industrial end markets."
Conference Call from October 5, 2016
The Company hosted a conference call on October 5th at 10:00 a.m., CST led by James Pokluda, President and Chief Executive Officer, and Nicol Graham, Vice President and Chief Financial Officer. A telephone replay of the call is available on the Investor Relations section of this site.
About the Houston Wire and Cable Company
With over 40 years' experience in the industry, HWC is one of the largest providers of wire and cable in the U.S. market. Headquartered in Houston, Texas, the Company has sales and distribution facilities strategically located throughout the nation.
Standard stock items available for immediate delivery include continuous and interlocked armor cable; instrumentation cable; medium voltage cable; high temperature wire; portable cord; power cables; primary and secondary aluminum distribution cables; private branded products, including LifeGuard™, a low-smoke, zero-halogen cable; mechanical wire and cable and related hardware, including wire rope, lifting products and synthetic rope and slings.
Comprehensive value-added services include same-day shipping, knowledgeable sales staff, inventory management programs, just-in-time delivery, logistics support, customized online ordering capabilities and 24/7/365 service.