Wesco intends to close the acquisition by the end of March, pending closing conditions, and the deal has been approved by both Wesco’ and Hass’ board of directors, the companies said Thursday.
A new $525 million term loan B facility from a BofA Merrill Lynch-led group, Wesco’s existing credit facilities, cash on hand and drawings will finance the transaction.
“The acquisition of Haas will add over 125, 000 SKUs, value added supply chain management solutions and a world class group of over 1, 300 employees to Wesco, ” said Randy Snyder, Wesco chairman and CEO.
West Chester, Penn.-based Hass estimates its fiscal year 2012 revenue at $573.5 million and operates 35 distribution hubs and forward stocking locations worldwide.
Wesco projects its addressable chemical supply chain management market to be worth $2 billion as a result of the transaction.