January was a relatively light month for mergers and acquisitions in the distribution industry, but two billion-dollar deals stood out among the month’s highlights. Owens & Minor Inc. — a product manufacturing, distribution support and innovative technology services company — agreed to acquire integrated home health care equipment provider Apria for $37.50 in cash per share of common stock, an equity value of approximately $1.45 billion. The announcement came one week after Motion Industries, Inc. said it had completed its previously reported purchase of Kaman Distribution Group for approximately $1.3 billion in cash.

Other deals also marked the first month of 2022. Builders FirstSource, Inc. completed its acquisition the largest independent building materials supplier New England, while MRO distributor Lawson Products struck a deal to combine TestEquity and Gexpro Services as part of an all-stock transaction. In addition, a Sonepar affiliate acquired a Belgian company, and Rexel cemented its acquisition of a Rockwell Automation distributor.

January M&A

Here are the M&A announcements — primarily involving distributors but also manufacturers that sell through the channel — MDM covered during January (click the headline for more details):

• A&M Industrial Acquires Connecticut Company — A&M Industrial Inc. of Rahway, New Jersey, acquired State Industrial Supply Company, an industrial distributor based in Seymour, Connecticut.
• AZEK Acquires StruXure Outdoor — Chicago-based AZEK Company Inc., a manufacturer of low-maintenance and environmentally sustainable outdoor living products, acquired Georgia-based StruXure Outdoor Inc., a designer and manufacturer of aluminum pergolas and cabanas.
• Belt Power Acquires Accurate Industrial — Belt Power LLC, a Marietta, Georgia-based distributor and fabricator of lightweight conveyor system components, completed its acquisition of Accurate Industrial Products, LLC.
• BlackHawk Industrial Acquires Pinnacle — Tulsa, Oklahoma-based BlackHawk Industrial — a distributor of metalworking, industrial, MRO and packaging supplies — acquired Pinnacle Tool & Supply, a value-added distributor in the cutting tool and abrasive space from Toledo, Ohio.
• Builders FirstSource Acquires National Lumber — Dallas-based building materials distributor Builders FirstSource, Inc. (NYSE: BLDR) completed its acquisition of National Lumber, the largest independent building materials supplier in the New England region.
• Imperial Dade Acquires Garrett Paper — Food service packaging and janitorial supply distributor Imperial Dade acquired Garrett Paper, a St. Louis-based distributor of foodservice and janitorial products.
• JGB Enterprises Acquires All-Serv — Liverpool, New York-based JGB Enterprises, Inc. — a company backed by HCI Equity Partners — acquired All-Serv Industrial, LLC.
• Lawson Merging with TestEquity, Gexpro Services — MRO distributor Lawson Products, Inc. (NASDAQ: LAWS) and private investment firm LKCM Headwater Investments reached a merger agreement that allows Lawson to combine TestEquity and Gexpro Services in an all-stock transaction.
• Marcone Acquires Munch’s Supply — Marcone, a distributor of home appliance, HVAC and plumbing repair parts and equipment portfolio company of Genstar Capital, acquired Illinois-based Munch’s Supply, a distributor from Ridgemont Equity Partners.
• Motion & Control Acquires RSA — Motion & Control Enterprises reached four acquisitions over the past year after it acquired RSA, Inc. and Global Controls, Inc., collectively known as RSA.
• NEFCO Finalizes Russell Supply Acquisition — Hartford, Connecticut-based construction supply company NEFCO completed its acquisition of Russell Supply, a contractor supply company that serves Vermont, New York and New Hampshire.
• Motion Finalizes $1.3B Kaman Deal — Motion Industries, Inc. completed its purchase of Kaman Distribution Group for approximately $1.3 billion in cash.
• Owens & Minor to Acquire Apria for $1.45B — Richmond, Virginia-based Owens & Minor Inc. (NYSE: OMI), agreed to acquire Apria for $37.50 in cash per share of common stock, an equity value of approximately $1.45 billion.
• Rexel Finalizes Winkle Acquisition — Rexel USA, Inc. (RXL:PA), an international multichannel distributor, finalized its acquisition of Winkle Electric Company, a Rockwell Automation distributor with branch locations in Youngstown, Ohio and Erie, Pennsylvania.
• Singer Equities Acquires OB&E Rubber — Singer Equities, Inc., a wholly owned subsidiary of SBP Holdings, acquired OB&E Rubber Company, headquartered in Jeffersonville, Indiana.
• Sonepar Acquires Belgian Company — Belgium-based electrical distributor and Sonepar Group member Cebeo acquired Electro Meers, a distributor of electro-technical material also based in Belgium.
• Stellar Industrial Supply Acquires JLM — MRO distributor Stellar Industrial Supply, Tacoma, Washington, acquired JLM Industrial Supply, a Sparks, Nevada-based industrial distribution and integrated supply firm.
• SupplyOne Acquires Romanow — Newtown Square, Pennsylvania-based SupplyOne, Inc. — an independent supplier of corrugated and other value-added packaging products, equipment, and services —acquired Romanow Container, a privately held manufacturer of corrugated products and protective packaging and distributor of industrial packaging supplies headquartered in Westwood, Massachusetts.
• Gustave A. Larson Acquires Progress Supply — The Gustave A. Larson Company, a Wisconsin-based distributor of heating, ventilation, air conditioning and refrigeration products, acquired Progress Supply, Inc.

Did we miss anything? Please send M&A announcements to editor@mdm.com. We also welcome suggestions for “Behind the Deal,” our occasional series that takes a deep dive into market-shifting moves in wholesale distribution.