Target Specialty Products says it has acquired Residex, the largest privately owned specialty chemical distribution business in the United States.
With the acquisition – terms of which were not disclosed – Target Specialty Products doubled its market reach, expanding its footprint to the Midwest, Southeast and Northeast, and is now the second largest distributor of professional pest control and turfgrass management supplies.
Based in Detroit, Residex has been in business since 1946. The company supplies pest control and turf and ornamental products to the eastern half of the United States from 25 warehouse locations across 14 states.
Adding Residex to Target Specialty’s existing products business (based in California and with locations primarily on the West Coast, mid-Atlantic and central United States) establishes a fully national market footprint and also provides entry into the Canadian products market.
“We have a proactive approach to acquisitions and we identified Residex as a well-run company with a distribution footprint that complemented Target’s existing market reach,” said Todd Ferguson, head of Target Specialty Products. “We believe Residex is a great business run by a strong team, so joining our like-minded companies makes perfect sense to further our commitment to providing best-in-class products that will increase both shareholder and customer value.”
Todd Griebe, former CEO and owner of Residex, will join Target Specialty Products’ turf fuel business.
“Residex was not actively looking to sell,” Griebe said, “but the more we spoke with Target and got to know their management team, the more interested we became. Combining the reach and expertise of Residex with Target’s complementary capabilities will create the second largest products business of this type in the United States …”