Wilmar Industries Inc., Moorestown, NJ, said this week that it has signed an agreement to acquire Barnett Inc., a business-to-business cataloger of plumbing, electrical and maintenance supplies.
Wilmar, a distributor of plumbing and maintenance products, agreed to pay $13.15 in cash for each share of Barnett, valuing the stock portion of the transaction at about $214 million. Wilmar said Waxman Industries, which owns 44 percent of the outstanding stock of Barnett, has agreed to vote in favor of the acquisition.
The combined companies, which Wilmar said would offer several complementary product lines, will have more than $600 million in annual revenues and about 2,100 employees.
Barnett, Jacksonville, FL, markets its products through six catalogs and a telesales operation.