Lawson Products Completes Strategic Combination with TestEquity and Gexpro Services
April 1, 2022
Lawson Products, Inc. completed all-stock merger transactions to combine TestEquity and Gexpro Services into a specialty distribution platform under a holding company structure. Lawson issued an aggregate of 10.3 million shares (with up to 1.7 million additional earnout shares possible) to former owners affiliated with Luther King Capital Management Corporation and J. Bryan King, who collectively now own ~75% of Lawson; the company also amended and restated its credit agreement to support the combined platform and future acquisitions.
- Buyers
- Lawson Products, Inc.
- Targets
- TestEquity, Gexpro Services
- Sellers
- Entities affiliated with Luther King Capital Management Corporation (LKCM), J. Bryan King
- Industry
- Industrial Services
- Location
- Texas, United States
- Transaction Type
- Buyout
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TestEquity (Lawson Products) Acquires Interworld Highway, LLC (TEquipment & Touchboards)
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TestEquity, a distribution business within Lawson Products, completed the acquisition of Interworld Highway, LLC — the operator of TEquipment and Touchboards — for approximately $55 million. The deal, funded from Lawson's credit facility, is expected to be immediately accretive and to broaden TestEquity's test & measurement product selection, solutions and service capabilities.
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TestEquity Acquires Germany-based Instrumex
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TestEquity, the operating company of Distribution Solutions Group, announced the acquisition of Germany-based Instrumex (terms not disclosed). The deal adds a European test & measurement distributor to TestEquity’s platform as part of its international expansion and capability build-out.
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Distribution Solutions Group Acquires Tech-Component Resources and ConRes Test Equipment
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Distribution Solutions Group, Inc. (DSG) announced it closed two previously announced acquisitions: Tech-Component Resources (acquired into DSG’s Gexpro Services segment) on October 30, 2024, and ConRes Test Equipment (acquired into DSG’s TestEquity segment) on November 18, 2024. Both deals were funded with existing cash and availability under DSG’s credit agreement and expand DSG’s distribution and test-equipment capabilities across manufacturing and electronics end markets.
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TestEquity (Distribution Solutions Group) Acquires National Test Equipment
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TestEquity, an operating company of Distribution Solutions Group (DSG), acquired National Test Equipment for approximately $7.8 million to expand calibration, refurbishment, rental and leasing capabilities. The deal, funded from DSG's existing credit facility, is expected to add more than $9 million in annual sales and over $1.4 million of adjusted EBITDA, broadening TestEquity's technical services and rental offerings.
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Gexpro Services Acquires Resolux Group and Frontier Assets
January 3, 2022
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Gexpro Services, part of Lawson Products, completed two acquisitions in Q1 2022: the purchase of Denmark-based Resolux Group and substantially all assets of Frontier Technologies Brewton, LLC (and certain assets of Frontier Engineering and Manufacturing Technologies Inc.). The deals (approximately $36M for Resolux and $30M for Frontier, inclusive of potential earn-outs) expand Gexpro’s manufacturing and supply-chain capabilities and broaden its global footprint in the renewable energy and OEM markets.
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Lawson Products Acquires S&S Automotive
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Lawson Products, the operating company of Distribution Solutions Group (DSG), has completed the acquisition of S&S Automotive, a Midwest-based automotive and industrial parts distributor headquartered in Woodridge, Illinois. The transaction — funded with DSG cash and its credit facility — will combine S&S with Lawson's Kent Automotive division to expand product offering, vendor-managed inventory (VMI) capabilities and geographic reach; S&S reported approximately $40 million in annual revenue and the deal is expected to be accretive to DSG's adjusted EPS and EBITDA margins.
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