Industrial parts distributor announces two major acquisitions
Motion Industries announced its acquisition of Paragon Service & Supply, as well as a definitive agreement to also acquire Commercial Solutions.
Dec. 4, 2013 -- Motion Industries, a distributor of industrial maintenance, repair and operation (MRO) replacement parts, announced its acquisition of Paragon Service & Supply, Inc., as well as a definitive agreement to also acquire Commercial Solutions, Inc (CSI).
Headquartered in Lima, Ohio, Paragon is an industrial distributor serving customers throughout the region with custom designed tooling and MRO supplies. Paragon is independently owned and operated, having been in business since 1991. Motion expects the acquired business to generate annual revenues of approximately $15 million.
Likewise, CSI (TSX: CSA), headquartered in Edmonton, Alberta, is an independent national distributor of industrial MRO supplies, including bearings and power transmission products, complete solutions for drilling rigs, as well as industrial and safety supplies. Its customers represent a broad cross-section of industries and are served from 22 locations across Canada and one in the U.S.
Motion plans to acquire all of the issued and outstanding common shares of CSI and expects the acquired business to generate more than $100 million in annual revenues. Consummation of the merger transaction is expected in the first quarter of 2014 and is contingent upon satisfaction of customary closing conditions, shareholder approval and receipt of applicable regulatory and court approvals.
About Motion Industries
Motion Industries is a distributor of bearings, mechanical power transmission, electrical and industrial automation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial products, safety products, and material handling. Motion Industries has over 550 operations including 14 distribution centers throughout North America. For more information, visit www.motionindustries.com.