HD Supply sells its industrial PVF business
HD Supply agreed to sell its industrial pipe, valves and fittings business to Shale-Inland Holdings, an affiliate of investment firms TowerBrook Capital Partners and The Stephens Group. The purchase was expected to close in March. The purchase price was not disclosed.
“After careful evaluation, we determined that divesting our industrial PVF business is in the best interests of our company as we seek to continue strengthening our industry-leading businesses,” HD Supply CEO Joe DeAngelo said.
Once the sale is complete, proceeds from the transaction, according to the company’s announcement, will provide HD Supply with additional financial and strategic flexibility to further strengthen its portfolio. As of Jan. 9, 2012, the Atlanta-based distributor had approximately $1.2 billion in available funds. This liquidity “provides ample capital to fund growth and meet its financial obligations,” the company said.
Last September, the company sold its plumbing/HVAC business to Hajoca Corp.