Global Industrial Acquires Indoff For $69.2M

Author: Akanksha Bakshi | May 22, 2023 10:30am

Global Industrial Company (NYSE:GIC) has acquired Indoff Inc., a value-added business solutions provider, and distributor, for ~$69.2 million in cash.
The acquisition was funded from the Company's existing credit facility and cash on hand.
For FY22, Indoff generated revenue of ~$180 million. Indoff will continue to operate under its current brand and leadership team as a wholly-owned subsidiary of Global Industrial Company.
Barry Litwin, Chief Executive Officer of Global Industrial Company, comments, "Indoff is a strong and growing company and provides a great strategic fit with Global Industrial's business and multi-channel sales model. Indoff's network of more than 350 sales partners extends our one-to-one sales reach to new customers and markets."
At March 31, 2023, Global Industrial held cash and cash equivalents of $48.2 million and excess availability under its credit facility of ~$116.6 million.
Price Action: GIC shares are trading higher by 1.23% at $24.66 on the last check Monday.