HD Supply has agreed to sell its industrial pipes, valves and fittings (PVF) business to Shale-Inland Holdings.
HD Supplyhas agreed to sell its industrial
pipes, valves and fittings (PVF) business to Shale-Inland Holdings, an
affiliate of investment firms TowerBrook Capital Partners and The Stephens
Group. The purchase is expected to close in March 2012. The purchase price was
“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,” saidJoe DeAngelo, CEO of HD Supply. “The
Industrial PVF team, with the expertise of its many seasoned industry veterans,
has done a tremendous job, and they can be proud that this new chapter is the
result of the momentum they have built and the success of their initiatives.”
Once the sale is complete, the
proceeds from the transaction will provide HD Supply with additional financial
and strategic flexibility to further strengthen its portfolio, according to the
announcement. 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.
September, the company sold its plumbing/HVAC business to Hajoca Corp.