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Moorestown-based Wilmar Industries (Nasdaq: WLMR) today signed a definitive agreement to acquire 100% of the stock of J.A. Sexauer, Sexauer Ltd., and Trayco of S.C. (“Sexauer”). In a statement, Wilmar said total consideration for the acquisition of the distributor of plumbing specialties to institutional facilities is $85 million. The company intends to finance the purchase through a combination of cash and a new senior credit facility, for which it has already received a firm financing commitment, and expects to close the transaction before the end of this year. This is Wilmar”s largest and most significant acquisition to date. It substantially increases the size of the company. Following the closing of the transaction, Wilmar will operate from 27 distribution centers and employ 420 field sales reps in all 50 states, Canada and Puerto Rico. Founded in 1921, Sexauer had revenues of approximately $75 million during fiscal year 1999. The Scarsdale, New York-based company is a wholly-owned subsidiary of The Dyson-Kissner-Moran Corp., also of New York. Sexauer markets over 25,000 plumbing repair and maintenance products to over 40,000 customers. Its main distribution facility is in Louisville, and Florence, South Carolina, with regional centers in Reno, Dallas, Toronto and Edmonton, Canada. Commenting on the purchase, William S. Green, CEO of Wilmar, said “The Sexauer acquisition will provide a major catalyst for accelerating our goal of becoming a leading supplier to lodging and institutional facilities as we are now to the multi-family housing industry. This acquisition introduces Wilmar”s broad product line to over 270,000 institutional facilities, tripling our potential customer base”. Wilmar Industries is a national marketer and direct distributor of repair and maintenance products, principally to the apartment housing market. It operates 21 distribution centers throughout the U.S.
HOOVER”S ONLINE: Wilmar Industries