Lab Safety Supply to Acquire Professional Inspection Equipment and Construction Book Express
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CHICAGO, Nov. 15 / -- Grainger (NYSE: GWW), a leading North American industrial distributor, today announced its Lab Safety Supply (LSS) subsidiary has signed a definitive agreement to acquire in a single transaction substantially all of the assets of Professional Inspection Equipment, Inc. and Construction Book Express, Inc., both of Hauppauge, New York. Professional Inspection Equipment and Construction Book Express are business-to-business direct marketers of tools, instruments, and reference materials to the $2.5 billion building and home inspection market. Grainger expects the acquisition to close, subject to standard conditions, within the next week and be accretive within a year. Terms of the agreement were not disclosed.
"Our strategy is to accelerate LSS's growth by finding premier direct marketing companies that complement the company's targeted catalog approach," said Grainger's Chairman and Chief Executive Officer Richard L. Keyser. "This acquisition will enable LSS to further diversify its customer base into the services sector."
Professional Inspection Equipment and Construction Book Express will be marketed as independent brands by LSS, the leading direct marketer of targeted, specialty businesses in the safety, industrial, environmental and homeland security markets. Through a similar direct marketing model, Professional Inspection Equipment and Construction Book Express serve over 85,000 active customers including inspectors, designers, architects, engineers and electricians. The companies had annual sales in 2006 of more than $20 million.
"We are pleased with the addition of the Professional Equipment and the Construction Book Express brands to our business," said Larry J. Loizzo, President of Lab Safety Supply. "They bring strong internet marketing capabilities and a history of growth and profitability."
This transaction is similar to Lab Safety Supply's successful acquisitions of Ben Meadows, Gempler's, AW Direct and Rand, which have provided new growth and diversification to the Lab Safety Supply customer base.
W.W. Grainger, Inc. (NYSE: GWW), with 2005 sales of $5.5 billion, is a leading broad line supplier of facilities maintenance products serving businesses and institutions in Canada, China, Mexico and the United States. Through a highly integrated network including nearly 600 branches, 17 distribution centers and multiple Web sites, Grainger's employees help customers get the job done, saving them time and money by having the right products to keep their facilities running. Grainger is the national founding sponsor of the American Red Cross Ready When the Time Comes corporate volunteer training program.
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