Applied Industrial buys Columbus valve distributor
Applied Industrial Technologies Inc. hopes to add $550 million in sales and $68 million in EBITDA through its acquisition of Columbus-based FCX Performance Inc. The $768 million deal positions the Cleveland company as the industry leader for engineered fluid power and flow control solutions.
“FCX brings to Applied market-leading, value-added specialty flow control expertise with premier brands, high-touch technical service, an extensive footprint, and strong customer relationships,” Applied President and CEO Neil A. Schrimsher said in a statement. “Our combined resources will make us a leading technical solutions provider with significant opportunities for growth.”
The deal is expected to close within 30 days, upon completion of the Hart-Scott-Rodino waiting period and satisfaction of other customary conditions. The transaction will be financed with a new credit facility comprised of a $780 million Term Loan A and $250 million revolver, effective with the transaction closing.