Merger & acquisition activity among industrial distributors and manufacturers in the first quarter of 2023 was somewhat hot and cold. MDM reported on nearly 50 M&A deals in January before the pace started to cool to 29 reported deals in February and just 22 in March. (Read more in the latest quarterly M&A Report from Houlihan Lokey and MDM.) As the first three months of 2023 wrapped up, we wondered if we were seeing the slowdown in M&A activity that some have been predicting alongside an expected economic slowdown.

Well, the pace picked back up to start 2023’s second quarter, as MDM reported 40 deals during the month of April. Among the biggest deals of the month was Graybar announcing it had entered into an agreement to acquire Valin Corporation. Other highlightable deals from the month include BlackHawk Industrial continuing its M&A streak by acquiring Stock’d Supply, as well as Emerson Electric and National Instruments agreeing to a deal that will allow Emerson to purchase NI for $8.2 billion. Read more about April’s M&A activity below.

April M&A:

These are the M&A announcements — primarily involving distributors, but also manufacturers that sell through the channel — that MDM covered during April 2023 (click the headline for more details):

• 3BG Supply Acquires Controls and Electric Motor Co. in Missouri — On April 5, technology-enabled industrial supplies distributor 3BG Supply Co. announced the completion of its acquisition of Missouri-based Controls and Electric Motor Company (CEMCO).
• ABC Supply Completes Acquisition of US LBM Wallboard Units — On April 3, Chicago-based ABC Supply Co. announced that it has completed its acquisition of US LBM’s standalone wallboard divisions.
• Acuity Brands to Add Refrigeration Controls Maker KE2 Therm — On April 14, Atlanta-based industrial technology company Acuity Brands announced it has reached an agreement to acquire Washington, Missouri-based KE2 Therm Solutions, Inc., which develops and provides intelligent refrigeration control solutions.
• AFC Industries Acquires QFC Industries in Texas — Fairfield, Ohio-based industrial distributor AFC Industries has acquired fasteners distributor QFC Industries, the company announced April 24.
• AmerisourceBergen, TPG to Acquire OneOncology in $2.1B Deal — On April 20, global alternative asset management firm TPG and AmerisourceBergen Corporation announced they have agreed to acquire OneOncology, a network of leading oncology practices, from global growth equity firm General Atlantic for $2.1 billion.
• Applied Expands in Automation, Adds Advanced Motion Systems — Cleveland, Ohio-based Applied Industrial Technologies on April 4 announced its acquisition of Rochester, New York-based Advanced Motion Systems Inc., which provides automation products, services and engineered solutions focused on machine vision, robotics and motion control products and technologies.
• Aramsco Acquires EZ Concrete Supply in Ohio — Paulsboro, New Jersey-based Aramsco Inc. has acquired EZ Concrete Supply, the company announced March 27.
• Beacon Makes Acquisitions in California and Wisconsin — Herndon, Virginia-based roofing and building products distributor Beacon announced April 3 it has completed two acquisitions: Al’s Roofing Supply Inc. in California and Prince Building Systems in Wisconsin.
• Brennan Industries to Acquire SRM Industries — On April 4, Ohio-based industrial distributor Brennan Industries announced that it has acquired fellow distributor SRM Industries of Houston, Texas, including its RHINO family of products.
• Bishop Lifting Acquires General Work Products — Houston, Texas-based Bishop Lifting — a portfolio company of Altamont Capital Partners — announced on April 18 the acquisition of General Work Products, a provider of access to safety-critical cordage, rope and fall protection products also based in Houston.
• BlackHawk Industrial Acquires Stock’d Supply — On April 10, Tulsa, Oklahoma-based metalworking and MROP supplies distributor BlackHawk Industrial announced its acquisition of Stock’d Supply, a fastener distributor based in Chattanooga, Tennessee.
• Columbus McKinnon Acquires Automation Company montratec — Getzville, New York-based motion technology manufacturer Columbus McKinnon Corporation has entered into a definitive agreement to acquire montratec GmbH, the company announced April 26.
• Distributor CK Supply Acquires Welds Supply in Kansas City — On April 19, St. Louis-based CK Supply Inc. — a distributor of compressed gases, dry ice and welding equipment — announced it had completed its acquisition of Welds Supply Inc., a Kansas City, Missouri-based supplier serving similar markets.
• Eaton Acquires 49% of Jiangsu Ryan Electrical in China — Dublin, Ireland-based power management company Eaton announced April 24 that it has completed its acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd., a manufacturer of power distribution and sub-transmission transformers in China.
• Electrical Connections Supplier nVent to Acquire ECM Industries — Global electrical connection products manufacturer nVent Electric announced April 3 it has entered into an agreement to acquire ECM Investors for $1.1 billion.
• Emerson to Buy National Instruments in $8.2B Deal — St. Louis, Missouri-based Emerson Electric and National Instruments have finally agreed to a deal that will allow Emerson to purchase NI for roughly $60 per share in cash at an equity value of $8.2 billion, Emerson announced April 12.
• Flexpak Acquires Southwest Utah Location — On April 24, Chicago-based Flexpak LLC — a distributor and supplier of packaging supplies — announced that it completed the acquisition of select assets in St. George, Utah.
• Foundation Building Materials Acquires Marjam Supply — On April 7, Santa Ana, California-based Foundation Building Materials (FBM) announced its acquisition of Marjam Supply Company, a building supplies distributor based based in Brooklyn, New York.
• GE Gas Power Acquires Nexus Controls from Baker Hughes — On April 3, General Electric announced that its Gas Power business has completed its acquisition of Nexus Controls from oil field services company Baker Hughes.
• Graybar Acquires Valin Corp. in Diversification Move — Electrical, communications and data networking products distributor Graybar has entered into an agreement to acquire Valin Corporation, the company announced April 25.
• GMS Announces Deals in Chicago & Ontario, Platform Expansion — On April 4, Tucker, Georgia-based building products distributor GMS Inc. announced that it has completed its acquisitions of Engler, Meier & Justus, Inc. (EMJ) in Chicago and Blair Building Materials, Inc. in Ontario, Canada.
• Hand Tools Maker Zircon Acquires Harmony Energy Tech — Campbell, California-based electronic hand tools company Zircon Corporation on April 20 announced it has finalized a merger agreement with Harmony Energy Technologies Corp.
• Hallite Seals Acquires Fellow Australian Distributor SealTeam — On March 31, Hallite Seals Australia — a supplier of hydraulic cylinder sealing solutions — announced its acquisition of SealTeam Australia, which includes its sister company, AB Seals.
• Henry Schein Acquires Most of Biotech Dental Group in France — Melville, New York-based dental supply distributor Henry Schein, Inc. announced April 6 that it has completed its acquisition of a majority ownership stake of Biotech Dental S.A.S., a  provider of dental implants, clear aligners and digital dental software based in Salon-de-Provence, France.
• Honeywell to Buy Compressor Company from Indicor for $670M — Charlotte, North Carolina-based industrial manufacturing conglomerate Honeywell has agreed to acquire Compressor Controls Corporation (CCC) from newly formed diversified industrial manufacturer Indicor for $670 million in an all-cash transaction, the company announced April 26.
• Ideal Tridon Acquires Advanced Couplings Limited in Ireland — Smyrna, Tennessee-based clamps manufacturer Ideal Tridon Group has acquired Advanced Couplings Limited (ACL), the company announced April 5.
• Jon-Don Acquires Coatings Hub in Los Angeles — Roselle, Illinois-based JanSan distributor Jon-Don announced April 5 its acquisition of Coatings Hub, a concrete coatings distributor in California.
• Kurt Manufacturing Acquires Vise Jaw Maker Bellatex Industries — On April 11, Minneapolis, Minnesota-based Kurt Manufacturing announced its acquisition of Bellatex Ind. LLC, owner of the CARVESMART dovetailed quick-change vise jaw system.
• L&W Supply Acquires Old Fort Building Supply in Indiana — Chicago-based gypsum wallboard and building materials distributor L&W Supply Corporation has acquired Old Fort Building Supply, the company announced April 24.
• Macomb Group Merges with PVF Distributor Deacon Industrial — On April 4, Sterling Heights, Michigan-based The Macomb Group, Inc. announced that it has completed a merger with Deacon Industrial Supply Co., a Harleysville, Pennsylvania-based distributor of pipes, valves, fittings and other related products and services.
• Meritus Gas Partners Acquires Welding Distributor in Kansas City — New York-based holding company Meritus Gas Partners has acquired Hohenschild Welders Supply Company, the company announced April 12.
• Meritus Gas Partners Acquires OXARC in Spokane — New York-based holding company Meritus Gas Partners has acquired OXARC Inc., the company announced April 7.
• NEFCO Acquires Southwest Fastener in Phoenix — On April 4, East Hartford, Connecticut-based construction supply distributor NEFCO announced its acquisition of Southwest Fastener, a fastener distributor based in Phoenix, Arizona.
• Palmer-Donavin Acquires Diamond Hill Plywood — Grove City, Ohio-based building materials distributor Palmer-Donavin has acquired Diamond Hill Plywood (DHP), the company announced April 10.
• PVF Supplier Victaulic Acquires Horizon Metals in Utah — On April 5, Easton, Pennsylvania-based pipe joining systems manufacturer Victaulic announced its acquisition of Horizon Metals Inc.
• Singer Industrial Acquires Uni-Draulik in Canada — On March 31, Dallas-based rubber and fluid power products distributor Singer Industrial announced its acquisition of Uni-Draulik Inc., a Canadian distributor of hydraulic equipment.
• Sonepar to Acquire Butler’s Electric Supply in North Carolina — Global electrical products distributor Sonepar has entered into an agreement to acquire Butler’s Electric Supply, according to a post on Sonepar USA’s Facebook page.
• True Value Acquires Shur-Line & WordLock Brands — On March 31, Chicago-based hardware and home improvement retailer True Value announced it has purchased certain assets of Nova Wildcat Shur-Line Holdings, Inc., including the Shur-Line and WordLock range of products.
• Wholesale/Supplier Group Monarch Brands Joins Hospeco Brands — On April 11, Cleveland, Ohio-based Hospeco Brands Group — a manufacturer of personal care, cleaning, and protection products — announced it has merged with Philadelphia-based Monarch Brands, a wholesaler and manufacturer of microfiber, commercial laundry linen, institutional textiles and wiping products.