Materials firm M. Holland Co. has made another acquisition, this time buying resin and compound distributor T&T Marketing Inc. for an undisclosed price.
Andover, Mass.-based T&T specializes in supplying materials to the to the wire and cable market. The firm employs 26 and has annual sales of about $40 million. T&T distributes material throughout the United States and Canada from seven regional warehouses.
"We identified wire and cable as an attractive market segment, but lacked the technical expertise and product portfolio to effectively compete," Marc Fern, M. Holland commercial vice president, said in an Oct. 4 news release. "T&T is extraordinarily strong in both, making it a perfect complement to our business development group."
T&T also provides testing and applications development services at its lab in Easton, Pa. After the acquisition, T&T will continue to be led by owner and President Tom Jordan. All T&T employees also will be retained.
"Besides the scale and resources M. Holland provides, we share the same core values, which was very important to us," Jordan said in the release.
The deal is expected to close in November. T&T has been represented by M&A adviser Trudeau & Trudeau Associates of Boston.
M. Holland President and CEO Ed Holland added in the release that T&T "will be a great cultural fit" for his Northbrook, Ill.-based firm. He also noted that T&T's technical and commercial teams each have more than 30 years of industry-specific experience.
"We needed to have wire and cable in our specialty portfolio, but we didn't have the products for it, and we needed technical expertise," Dwight Morgan, M. Holland corporate development vice president, said in an Oct. 4 interview with Plastics News.
"The time and investment needed for us to become a player in wire and cable would have been quite long, so an acquisition was the best way for us to go," he added.
T&T was formed in 1988 by industry veteran Tony Dolce, a former vice president of sales and marketing for materials maker BP Performance Polymers. Jordan, who is Dolce's son-in-law, joined the firm that same year, and helped to grow the company. Jordan became company president in 2001 and eventually acquired full ownership of the business.
The T&T deal is M. Holland's fifth acquisition or joint venture since mid-2015. Most recently, the firm in February 2016 bought Puerto Rican distribution firms Able International and Tril Export from the Coifman family. Those businesses now are recovering from the impact of Hurricane Maria, which hit the island in September.
M. Holland ranks as one of North America's largest resin distributors, selling more than 1.4 billion pounds of resin per year from more than 20 material suppliers.