M&A · Industrials · Wholesale-Machinery, Equipment & Supplies
LKCM Headwater Investments, LLC to acquire Distribution Solutions Group, Inc.
Announced Jul 16, 2026 · Pending Sep 1, 2026
Deal value$1.62BEV $2.26B
Premium27.4%To unaffected price
EV / Adj. EBITDA14.1x1.1x EV / Revenue
ConsiderationAll cash$35.00 per share
Transaction
- Acquirer
- LKCM Headwater Investments, LLC
- Target
- Distribution Solutions Group, Inc. (DSGR)
- Buyer type
- Strategic
- Offer price per share
- $35.00
- Enterprise value
- $2.26B
- Status
- Pending Sep 1, 2026
Deal protections
- Break fee (target pays)
- $9.3M · 0.6%
- Reverse fee (buyer pays)
- $22.2M · 1.4%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- William Blair
- William Blair fee
- $4.6M
Sector context · Industrials
- Comparable deals
- 98 in the prior 24 months
- Premium
- 27.4% vs. 36.0% sector median
- EV / Adj. EBITDA
- 14.1x vs. 11.1x sector median
- Break fee
- 0.6% vs. 2.9% sector median
Timeline
- AnnouncedJul 16, 2026
- Proxy filedSep 1, 2026
- Definitive proxyOct 28, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flow$24.86$42.63
Leveraged buyout$26.61$37.00
Premiums paid$22.09$30.84
Offer $35.00
Implied value per Distribution Solutions Group, Inc. share by analysis, from William Blair · DCF discount rate 9%–11%.