DXP Enterprises Divests Fastener Distribution Business

DXP Enterprises Inc has sold Vertex Corporate Holdings Inc, a master distributor of industrial fasteners, to Houston Wire & Cable Co (HWC). DXPE received approximately US$31.0 million in net cash proceeds. David Little, chairman and CEO of DXPE, said that the transaction strengthens DXP’s balance sheet for growth and positions the company to focus on its core products and offerings.

“The decision to sell our master distributor of fasteners was contemplated some time ago after a comprehensive strategic review of our business model and operations. We reached this agreement with HWC after a thorough sale process,” explained Kent Yee, senior vice president of corporate development at DXP Enterprises.