HOUSTON--(BUSINESS WIRE)--Feb. 6, 2024-- DNOW Inc. (NYSE: DNOW) announced today it has entered into an agreement to acquire Whitco Supply, LLC in an all-cash transaction, subject to regulatory approvals and other customary closing conditions.
Strategic Objectives and Enhanced Value
David Cherechinsky, President and CEO of DNOW, added, “The acquisition of Whitco Supply aligns with our strategic objectives to diversify end-markets and is the result of our patient, disciplined approach to capital allocation. This transaction enhances our earnings and free cash flow profile and strengthens our ability to increase shareholder value.”
Synergies and Opportunities
“Whitco Supply brings a talented team with extensive product expertise that will enable us to support an expanded set of customers in the midstream and other markets. We look forward to bringing together our two highly complementary businesses and creating greater opportunities for our customers, employees and suppliers.”
Operational Independence Until Finalization
Until the acquisition is finalized, both DNOW and Whitco Supply will continue to operate independently. Further details are expected to be released following the conclusion of the regulatory approval process and the satisfaction of other closing conditions.
Whitco Supply’s Market Presence
Founded in 2003 by the Dawes family, Whitco Supply provides energy products and solutions to the midstream market and the broader energy sectors. Headquartered in Broussard, LA, Whitco Supply has approximately 230 employees across eight locations in the United States.
A Future of Growth and Collaboration
This acquisition marks a significant step for DNOW Inc. in its ongoing efforts to expand its market reach and strengthen its position in the energy sector. As the process moves forward, the focus will be on a seamless integration that leverages the strengths of both organizations to drive growth, innovation and customer satisfaction.
View the full press release on our investor website: https://ir.dnow.com/news-releases/news-release-details/dnow-inc-announces-agreement-acquire-whitco-supply-llc.
