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P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to E&R Industrial Sales, Inc. (E&R) of Sterling Heights, Michigan. The buyer was W.W. Grainger, Inc. (NYSE: GWW), North America’s leading distributor of maintenance, repair and operating (MRO) supplies with 2012 sales of $9 billion. The acquisition blends the extensive technical expertise of E&R with the global supply chain of Grainger. Specifically, the combination supports Grainger’s strategy of expanding its technical offering to customers while providing E&R with a global footprint.
E&R is a significant player within industrial distribution with a history that spans over 40 years. It is a full-line distributor of metalworking, MRO and production supplies with 18 locations throughout the United States. E&R provides more than 100,000 products to over 4,000 customers in a variety of industries, including aerospace, automotive and general industrials. Its 350 team members specialize in providing in-depth and unique technical expertise.
“The sale of E&R to Grainger is a key milestone in the continued growth and progression of our great company,” said Jerry Pizzimenti, E&R’s president and primary shareholder. “Our entire team is thrilled with the outcome of this transaction. My family started this business over 40 years ago and we are extremely enthusiastic about the opportunities ahead of us as part of Grainger.”
E&R shareholders hired PMCF to lead the sale process for the company. Jerry Pizzimenti noted, “PMCF was critical to the success of this transaction. They understood our business and communicated the right story to ensure a successful transaction outcome for my family and me. Their consultation and investment banking expertise was instrumental in completing this transaction. I would highly recommend the PMCF team.”
The transaction closed on August 23, 2013.
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