July 22, 2024 – Distribution Solutions Group Inc.’s operating company Lawson Products—under its affiliate Lawson Products Canada Inc.—is acquiring Source Atlantic Ltd. from Ocean Capital Holdings.

“We have a vision of growth for Source Atlantic, and this agreement provides a unique opportunity to accelerate this vision of being a national player in industrial distribution,” said John Irving, president, Ocean Capital Holdings. “These two companies are coming together with a steadfast commitment to growth and excellence.”

Ocean says it was approached last last year by Lawson Canada on behalf of DSG, with the desire to acquire Source Atlantic as a platform company for its Canadian operations for continued growth across the country.

“We’re thrilled to partner with Source Atlantic to expand DSG’s operating footprint in the Canadian market,” said DSG chair and CEO Bryan King. “We are honoured to carry on the company’s successful legacy of over 157 years, dating back to 1867, and to continue its steady stewardship by the Irving family spanning 80 years.”

Originally founded in 1867 in Saint John, N.B., as a hardware merchant, Source Atlantic evolved to a become a wholesale distributor as part of the Irving group of companies. Today, its offering includes industrial products, services, and business solutions, employing 550 people in 24 locations nationwide.

It has been recognized as one of Canada’s Best Managed Companies since 2017.

“We are pleased DSG recognized the value of the platform we have built with Source Atlantic and look forward to growing as a combined company across Canada,” said Steve Drummond, president, Source Atlantic. “Our employees, customers, and vendor partners will all benefit from combining Source Atlantic with DSG.”

The transaction is expected to close in the third quarter of 2024, subject to regulatory approval and customary closing conditions.

“We are excited by the product extensions and geographic locations that Source Atlantic offers in Canadian markets where we do not have much presence today,” said Cesar Lanuza, president & CEO, Lawson Products. “This acquisition leverages the best of both companies with significantly more scale, products, and services.”