By Generational EquityFeb 18, 2020, 07:00 et
Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Turbo Machinery Repair, Inc., to DXP Enterprises, Inc. The acquisition closed January 31, 2020 and details were not disclosed.
Turbo Machinery Repair (Turbo) is a rotating equipment (e.g., pumps, compressors, etc.) repair shop in Richmond, California. The Company has been in business since 1986 and is a Flowserve Authorized Pump Repair Service Center. Operating out of a 36,000 square foot facility that includes a 16,000 square foot machine shop, Turbo Machinery Repair provides a wide range of services to oil refineries, power plants, chemical plants, municipal water and wastewater plants, food processing plants, marine & port facilities, cement & asphalt facilities, mining operations, and many other industries.
Headquartered in Houston, Texas, DXP Enterprises (DXP) is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metalworking, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments including Service Centers, Innovative Pumping Solutions and Supply Chain Services.
David R. Little, Chairman and CEO of DXP remarked, “We are pleased to welcome the Turbo employees to the DXP team. Turbo is a unique, well-run business focused on providing value-added service and repair capabilities to its customers. Turbo will provide DXP’s Rotating Equipment division with new geographic territory and enhance DXP’s end market mix. Turbo is a great company with key differentiators and provides us with high caliber people.”
Kent Yee, DXP CFO added, “We are excited to welcome the talented and hardworking employees of Turbo to the DXP team. Turbo is our second acquisition this year and is another exciting addition to DXP. Turbo provides us with a strong pump repair facility in Northern California and complements our 2015 acquisition of Cortech. Turbo complements and diversifies DXP’s products and services and end-market exposure. This transaction will be positive for Turbo and DXP’s customers, employees and shareholders.”
Generational Equity Executive Managing Director of M&A – Western Region, Stephen Crisham’s team, led by Managing Director Mergers & Acquisitions, James Hermann, with support from Vice President - Western Region, Bo Zhao, successfully closed the deal. Executive Managing Director Tom Braun established the initial relationship with Turbo Machinery Repair.
“It was a pleasure working with all of the parties involved,” said Hermann. “The end result was a win-win for everyone.”
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With over 250 professionals located throughout North America, the companies help business owners release the wealth of their business by providing merger, acquisition, and wealth management services. Their five-step approach features exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.
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