DSG agrees to acquire Hisco for $269.1M; creates larger industrial technology supplier

Distribution Solutions Group, Inc.

Purchase price $269.1M at closing plus up to $12.6M earn-out; retention bonuses of $37.5M in cash/stock.
Hisco generated FY2022 sales >$400M and adjusted EBITDA ~$29M; operates 38 locations in North America.
Transaction expected to close in Q2 2023; funded via expanded credit facility and ~$100M rights offering.
LKCM (77% owner) intends to fully subscribe in rights offering; net debt leverage expected 3.25x-3.50x.
Combination of TestEquity and Hisco expected to be accretive on adjusted basis starting 2023.

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