Target Specialty Products acquires Residex

July 11, 2016 -  By

Target Specialty Products acquired Residex, a specialty chemical distributor. Terms of the deal were not disclosed.

As a result of the acquisition, Target Specialty Products has doubled its market reach, expanding its footprint to the Midwest, Southeast and Northeast.

In business since 1946, Residex is based in Detroit and provides pest control and turf & ornamental products to the eastern half of the U.S. from 25 warehouse locations across 14 states. Adding Residex to the strength of Target’s existing products business, based in California and with locations primarily on the West Coast and mid-Atlantic and central U.S., establishes a fully national market footprint and also provides entry into the Canadian products market, Target said.

“We have a proactive approach to acquisitions, and we identified Residex as a well-run company with a distribution footprint that complimented 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 as national director of the company’s exclusive Turf Fuel business.

“Residex was not actively looking to sell, but the more we spoke with Target and got to know their management team, the more interested we became,” said Griebe. “Combining the reach and expertise of Residex with Target’s complimentary capabilities will create the second largest products business of this type in the U.S., which will help drive value for our clients while improving customer service.”

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