Sterling Consolidated Corp., through its wholly-owned subsidiary Sterling Seal and Supply, is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial markets with over 3,000 customers. The company intends to become an active and strategic consolidator of small- and mid-sized businesses within the multi-billion industry.
The company announced today that it has formed an acquisition committee to search, review and approve acquisition targets as it seeks to consolidate the highly fragmented O-ring distributor market. This committee will consist of four members. The members include: chairman of the board, Angelo DeRosa, CEO Darren DeRosa, CFO Scott Chichester and national sales manager John Magoulis.
Stemming from current relationships of the committee members, several possible acquisition candidates have already been identified. Most of the target firms have aging management, strategically located facilities, and/or product lines that compliment those of Sterling Consolidated. The committee will provide valuation and due diligence oversight on financial, legal, operational and ISO regulations. After a purchase, responsibilities will include integration, renegotiating and re-sourcing large contracts, and cross-selling with new product lines.
CEO Darren DeRosa spoke about Sterling’s plans in the O-ring distributor market, “We are excited about a number of current and future prospects under review. We intend to be extremely active in pursuing these lucrative opportunities.” For additional information about Sterling Consolidated, its business and its plans for future growth, please visit the company’s website at www.sterlingconsolidated.com
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