uspa vs polo Applied Industrial Technologies to buy FCX Performance for about
Cleveland based Applied Industrial Technologies Inc. (NYSE: AIT) has agreed to acquire Columbus based FCX Performance Inc. for about $768 million, according to a news release.
Applied Industrial Technologies is a distributor of products like bearings and fluid power components for a range of industries, while FCX is a distributor of “specialty process flow control products and services,” the release stated. FCX has 68 locations and more than 1,000 employees.
The deal is expected to close within 30 days, subject to the Hart Scott Rodino waiting period and other customary considerations,
and will be paid for with a “new credit facility comprised of a $780 million Term Loan A and $250 million revolver, effective with the transaction closing,” according to the release.
It’s expected to provide about $550 million in sales and $68 million in EBITDA for Applied in the first year, before transaction costs and accounting adjustments, and to be accretive in fiscal year 2019.
“We are very pleased to announce the pending acquisition of FCX, which further enhances our position as a differentiated industrial distributor,
” Applied president and CEO Neil A. Schrimsher said in the release.