DXP Enterprises, Inc. (NASDAQ: DXPE), Houston, TX, has acquired Phoenix, AZ-based Quadna, Inc. Quadna, a distributor and servicer of fluid and air handling pumps through eight locations in the U.S. and Mexico, had 2009 sales of $47 million.
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The purchase price of $28 million consists of $14 million paid in cash, $10 million in the form of convertible promissory notes bearing interest at a rate of 10%, and $4 million in the form of 343,337 shares of DXP common stock.
David Little, Chief Executive Officer, stated, \”Quadna is a quality company with great people and excellent product lines,\” CEO David Little says. \”We are excited with the geography and markets they cover and we look forward to our future success together.\”
