Global Industrial Acquires Indoff Inc. For ~$69.2M
Portfolio Pulse from Benzinga Newsdesk
Global Industrial Company (NYSE:GIC) has acquired Indoff for $69.2 million in cash, funded from its existing credit facility and cash on hand. Indoff generated revenue of approximately $180 million in 2022. The acquisition aims to diversify GIC's customer base and provide a new sales channel.
May 22, 2023 | 1:24 pm
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Global Industrial Company (GIC) acquires Indoff for $69.2 million, diversifying its customer base and providing a new sales channel.
The acquisition of Indoff by Global Industrial Company (GIC) is expected to have a positive short-term impact on GIC's stock price. The acquisition diversifies GIC's customer base and provides a new sales channel, which could lead to increased revenues and growth. Indoff generated $180 million in revenue in 2022, indicating a strong and growing company that could contribute positively to GIC's financial performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100