Cleveland’s Innovest Global Inc., a diversified industrials company, has announced its intent to buy an as-yet unnamed Central Ohio building materials supply company.
The company says its acquisition target generated $4.2 million in revenue with income of $300,000 in owner benefit in 2018. It is a purchasing member of Innovest's Authority National Supply.
- The purchase price is $1.067 million to be paid in stock, though the transaction is subject to a variety of items including due diligence.
- Authority National Supply, which sells building materials to its 25 buying members, plans to buy physical retail locations to vertically expand its business.