WHOLESALE & DISTRIBUTION QUARTERLY UPDATE Q4 2018 … · Hydraulic and pneumatic machinery and equipment Food processing machinery The industrial machinery and equipment wholesaling

QUARTERLY UPDATE Q4 2018

WHOLESALE & DISTRIBUTION

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INDUSTRY OVERVIEWINDUSTRIAL MACHINERY AND EQUIPMENT WHOLESALING IN CANADA

The industrial machinery and equipment wholesaling industry in Canada primarily distributes specialized machinery,equipment and related parts used in manufacturing, extraction and warehousing industries. These products includedrilling, refining and pipeline products for the energy sector; hoists and forklifts for the material handling sector,and diesel engines, pumps and metalworking machinery for the manufacturing sector.

INDUSTRY GLANCE

2018 Revenue

$21.8BAnnual Growth 2013 – 2018

0.0%Projected Annual Growth 2018 – 2023

0.3%Number of Businesses in 2018

4,904

33%

20%17%

11%

9%

7% 2%

PRODUCTS & SERVICES SEGMENTATION (2018)

General purpose machinery and equipment

Oil well, refinery and pipeline machinery

Other industrial machinery and equipment

Materials handling equipment

Metalworking machinery and equipment

Hydraulic and pneumatic machinery and equipment

Food processing machinery

The industrial machinery and equipment wholesaling industryexperienced a modest growth of 4.3 percent in revenue over the five-year period leading up to 2017.

Increased level of manufacturing activity and industrial output in theCanadian economy are the key drivers for growth in this industry.

Over the next five years to 2023, the industry is expected to continuegrowing at an annualized rate of 0.3 percent to $22.1 billion over thefive years to 2023.

Key external drivers:

1. Industrial capacity utilization

2. Demand from oil and gas extraction

3. Aggregate private investment

4. Demand from wholesale trade, durable goods

5. World price of steel

The industry has experienced structural change in recent years,including:

• Fluctuations in price of crude oil – Demand from oil and gasmarkets for industry products increased with higher oil pricesleading to booming natural resource production in Canada in2014. The industry then experienced a decline in revenue in2015 and 2016 due to weaker demand from the oil and gasmarkets caused by a decline in the price of crude oil.

• Increased global commodity prices – The industry will benefitfrom increased commodity prices leading to growing demandfrom oil and gas markets. This trend is expected to continuewith revenue projected to increase a marginal 0.1 percent in2018.

• M&A activity– In an attempt to gain economies of scale, largeindustry operators have focused on mergers and acquisition(M&A) activity to lower purchasing costs and increase profitmargins.

• Maintenance of skilled staff – To achieve a higher bottom-line,industry operators must maintain knowledgeable and technicalstaff for sales, maintenance and repair, and customer relationswhich is essential in this industry as products and equipmentsold by industry wholesalers require a great deal of technicalexpertise.

Source: IBISWorld Report 56211CA Waste Collection Services in Canada. Leach, Nathaniel. July 2018.

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INDUSTRY OVERVIEWPLUMBING, HEATING AND AIR-CONDITIONING EQUIPMENT WHOLESALING IN CANADAThe plumbing, heating and air-conditioning equipment wholesaling industry in Canada, is defined as distributingpipe, valves and fittings, plumbing fixtures, hydronics and heating, ventilation and air-conditioning equipment. Theindustry includes wholesale companies that purchase products directly from manufacturers and subsequentlydistribute products to contractors, end-use businesses and retailers.

INDUSTRY GLANCE

2018 Revenue

$14.6BAnnual Growth 2013 – 2018

4.1%Projected Annual Growth 2018 – 2023

2.3%Number of Businesses in 2018

1,393

50%

37%

13%

PRODUCTS & SERVICES SEGMENTATION (2018)

Heating, ventilation and air conditioning (HVAC)supplies

Plumbing supplies

Other

The plumbing, heating and air-conditioning equipment wholesalingindustry in Canada performed well over the 5-year period leading upto 2017, with revenue growing at an annualized rate of 4.1 percentover the past five years.

Strong growth in renovation activity coupled with demand from newconstruction markets has been the primary driver of industry growthover the five-year period.

Over the next five years to 2023, the industry is expected to continuegrowing at an annualized rate of 2.3 percent to $16.3 billion over thefive years to 2023.

Key external drivers:

1. Residential renovation expenditure

2. Housing starts

3. Value of non-residential construction

4. Demand from hardware stores

5. World price of crude oil

The industry has experienced structural change in recent years,including:

• Overall housing starts – The industry has benefitted from risingincome levels and low interest rates. As a result, overallhousing starts and value of residential construction have risenleading to increased demand for industry products.

• Non-residential construction markets – The ripple effect fromdecreased revenues in downstream energy markets due tolower prices of crude oil and natural gas has resulted in adecline in new non-residential construction projects.

• Government and growing green movements – Increasedgovernment regulations, particularly at the provincial level,promoting energy efficiency by offering favorable tax incentiveshave resulted in increased demand for industry products.

• Changing consumer trends – Shifting consumer trends toconsume longer-lasting and more energy-efficient products willfurther bolster demand for such products.

• Competition and consolidation – In response to technologicalefficiencies resulting in improved margins and new entrants inthe industry, there has been increased acquisition activity inthe industry.

Source: IBISWorld Report 56211CA Waste Collection Services in Canada. Leach, Nathaniel. July 2018.

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INDUSTRY OVERVIEWM&A TRANSACTIONS & PERFORMANCE

“Keep Source Formatting

The chart should stretch

aligned to the top of the Source: Capital IQ. Data as of December 31, 2018, based on publicly disclosed information. *All figures are in CAD unless otherwise stated.

• Our analysis includes the following sectors within the distribution industry: trading companies and distributors (machinery distribution, building product distribution, chemical distribution, electrical equipment distribution, transportation equipment and supplies distribution), retail distribution, food distribution, healthcare distribution, and office product distribution.

• Overall M&A activity in the distribution industry decreased in North America in the fourth quarter of 2018 due to a decrease in total transaction volume from 159 in third quarter 2018 to 157 in fourth quarter 2018, and decline in total transaction value from $6.90 billion to $2.41 billion in the same period.

• Of the 157 transactions announced during fourth quarter 2018, 90 were related to the industrial machinery distribution sector. This represents a 26 percent decrease in transaction volume within the sector compared to the 113 transactions announced in third quarter 2018.

• Consolidation remains a key theme in the industry, which has been fueling the M&A activity, particularly within the wholesale and distribution sector. Following are examples of two notable transactions that occurred in fourth quarter 2018:

• StonePoint Materials LLC and Sun Capital Partners, Inc. acquired VantaCore Partners LP for $0.27 billion.

• The Andersons Grain Group acquired Lansing Trade Group LLC for $0.64 billion.

M&A MARKET UPDATE FOR Q4 2018

Number of mergers and acquisitions in Canada in fourth quarter 2018 in wholesale and distribution

157NORTH AMERICAN WHOLESALE & DISTRIBUTION

PUBLICLY DISCLOSED M&As

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INDUSTRY OVERVIEWNEWS

Source: Various press releases and new articles in 2018.*All figures are in CAD unless otherwise stated.

BUSINESS SPECIFIC AND INDUSTRY WIDE CONCERNS

The wholesale distribution industry is experiencing rapid change, where new business fundamentals are key to capitalizing on evolving challenges and opportunities. Many wholesale distributors are looking for insights into distribution disruption and the myriad of forces that are shaping the industry. Some distributors are responding to disruptive wholesale distribution trends by exploring incremental growth and cost-reduction opportunities. Several trends will continue to impact the distribution industry going forward:

Business-specific

• Digitalization – Most companies will invest in digital capability and transfer from older software systems to new technology platforms to make data-driven business decisions, ultimately leading to improved efficiency, cost control, productivity, analytics, warehouse management and customer service.

• The Amazon Effect – Amazon’s continued growth and disruption in the distribution industry has caused many business sectors to transform and innovate business operating models to remain competitive. Distributors will need to evolve and find ways to compete with Amazon by putting time and effort into their online selling channels and highlighting their deep product knowledge and expertise.

• Talent Acquisition and Retention – Companies will need to identify, hire and retain qualified employees. With the new minimum wage increase, routine jobs will be automated.

Industry-wide

• Strength of Economy – The U.S. economy is likely to continue to grow at a moderate 2.0-2.5 percent rate in 2018 and beyond. One of the key reasons for the strength is consumers who have benefitted from strong labour markets and higher incomes.

• Legislative’s Impact on Business – Recent tax legislation incentivizes increased capital investment, while renegotiated trade deals such as the North American Free Trade Agreement (NAFTA) could provide an economic stumbling block.

• M&As Across the Supply Chain – Companies are concerned about mergers and acquisitions among their competitors, but also among their customers and vendors, which could potentially lead to increased power concentration and loss of customers and vendors through consolidation to large multi-location distributors.

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MACRO ECONOMIC INDICATORS



aligned to the top of the

Source: IBISWorld Industry Reports.

The key external drivers that affect the distribution industry in Canada include: industrial capacity utilization, the world price of crude oil, the Canadian-dollar effective exchange rate index, the world price of steel, housing starts, residential renovation expenditure, value of non-residential construction and aggregate private investment. Growth in the distribution industry in Canada is expected to be fueled by lower crude oil and steel prices, a depressed Canadian dollar relative to key trading partners and more stable industrial capacity utilization rates as a result of lower volatility in oilprices. It is important to note that if the uncertainty surrounding NAFTA negotiations and tariff disputes persist, consumer confidence may decline which could restrict the Canadian distribution industry from reaching full potential.

Page 7

MACRO ECONOMIC INDICATORS




Source: IBISWorld Industry Reports.

Growth in the distribution industry in Canada is also expected to increase due to a projected rise in residential renovation expenditure, value of private non-residential construction and increase in aggregate private investment, even though housing start numbers are forecasted to decline.

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SELECT RECENT M&A TRANSACTIONS

Source: Capital IQ.All figures are in CAD.

• StonePoint Materials, LLC manufactures construction materials. Sun Capital Partners, Inc. is a private equity firm specializing in equity and debt investments in acquisitions, leveraged buyouts, underperformers, turnaround and other transactions.

• VantaCore Partners LP supplies aggregates ranging from graded limestone to washed sand, gravel, and asphalt for infrastructure, energy, commercial, and residential markets in Pennsylvania, Ohio, West Virginia, Maryland, Kentucky, Tennessee, Mississippi, and Louisiana.

• Landsberg Orora designs custom packaging solutions, and commodity and stock packaging products. The company was founded in 1947 and is based in Buena Park, California.

• Pollock Investments Inc. distributes cleaning and packaging solutions in the U.S.. The company was founded in 1918 and is based in Grand Prairie, Texas.

• Xebec Adsorption Inc. provides gas purification, generation, and filtration solutions for the natural gas, field gas, biogas / renewable natural gas, helium, hydrogen, nitrogen, and oxygen markets. The company is headquartered in Blainville, Canada.

• Compressed Air International Inc. distributes compressed air systems. The company was founded in 1997 and is headquartered in Woodbridge, Canada with additional office in Guelph, Canada.

• United Rentals of Canada, Inc. engages in the rental and sale of heavy equipment, aerial and earthmoving equipment, material handling equipment, trench safety equipment, and tools in Canada.

• WesternOne Rentals & Sales LP carries out the business of renting aerial lifts, heat solutions, temporary power, and general construction equipment. As of November 30, 2018, all assets of WesternOne Rentals & Sales LP were acquired by United Rentals of Canada, Inc.

Announced Nov 19, 2018

TEV $270 million

TEV/EBITDA Not disclosed

TEV/Revenue Not disclosed


TEV $110 million

TEV/EBITDA 8.90

TEV/Revenue 0.30

Announced Dec 10, 2018

TEV $2 million



Announced Oct 22, 2018

TEV $120 million



acquired

acquired

acquired

acquired

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SELECT RECENT M&A TRANSACTIONS

Source: Capital IQ.All figures are in CAD.

• Lawson Products, Inc. distributes products and services to the industrial, commercial, institutional, and government maintenance, repair and operations marketplace in the U.S., Puerto Rico, Canada, Mexico and the Caribbean.

• Screw Products, Inc. distributes industrial products to manufacturers and job shops. The company was founded in 2009 and is based in Dallas, Texas.

• Winsupply Inc. supplies residential and commercial construction and industrial supplies and materials to a diversified customer base in the U.S. The company was founded in 1956 and is based in Dayton, Ohio.

• MSI Supply, Inc. distributes pipes, valves, fittings, flanges, stud bolts, gaskets, and fasteners. The company was founded in 1999 and is based in Houston, Texas.

• US LBM Holdings, Inc. distributes specialty building materials in the U.S. The company was founded in 2009 and is based in Buffalo Grove, Illinois.

• Deering Lumber, Inc. supplies lumber and building materials. It provides framing, pine, decking, engineered, and hardwood lumber; pine mouldings; plywood; stair systems; drywall; suspended ceilings; insulation products; masonry products; doors; windows and siding and roofing products.

• MSD Partners, L.P. is an employee owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. MSD Partners, L.P. was founded in July 2009 and is based in New York City.

• Endries International, Inc. distributes fasteners and related production components to original equipment manufacturers. The company was founded in 1970 and is headquartered in Brillion, Wisconsin.

Announced Oct 01, 2018

TEV $7 million




TEV Not disclosed




TEV Not disclosed




TEV Not disclosed



acquired

acquired

acquired

acquired

Page 10

PUBLIC COMPARABLE ANALYSISTRADING MULTIPLES & OPERATING STATISTICS

Source: Capital IQ. Data as of December 31, 2018.Estimates based on Capital IQ calendar year consensus.LTM refers to last twelve months. NTM refers to next twelve months.

(Figures In $CAD Millions, except percentages and ratios)

LTM Operating Figures NTM Consensus Estimates Valuation (LTM)

CompanyMarket

CapEnterprise

Value RevenueRevenue Growth EBITDA

EBITDA Margin

Revenue Growth

EBITDA Margin

NTM EV/EBITDA

EV/EBITDA

EV/Revenue

Trading Companies and Distributors

W.W. Grainger, Inc. $21,700 $24,266 $14,336 8.1% $2,063 14.4% 12.1% 14.5% 10.4x 11.8x 1.7x

Fastenal Company $20,482 $20,837 $6,233 13.5% $1,426 22.9% 15.6% 22.4% 12.9x 14.6x 3.3x

United Rentals, Inc. $11,347 $25,010 $9,906 22.8% $2,956 29.8% 23.1% 48.3% 4.2x 8.5x 2.5x

HD Supply Holdings, Inc. $9,119 $11,765 $7,581 15.2% $1,033 13.6% 14.0% 14.6% 9.3x 11.4x 1.6x

Watsco, Inc. $6,511 $6,979 $5,842 5.3% $500 8.6% 10.8% 8.9% 12.1x 13.9x 1.2x

MSC Industrial Direct Co., Inc. $5,809 $6,476 $4,191 10.9% $672 16.0% 12.7% 15.2% 9.1x 9.6x 1.5x

Toromont Industries Ltd. $4,419 $4,849 $3,361 66.4% $475 14.1% 10.6% 14.2% 9.2x 10.2x 1.4x

Finning International Inc. $4,003 $5,320 $6,896 14.7% $632 9.2% 7.3% 10.0% 7.2x 8.4x 0.8x

Univar Inc. $3,429 $6,858 $11,143 6.3% $814 7.3% 8.8% 7.6% 7.5x 8.4x 0.6x

Median $6,511 $6,979 $6,896 13.5% $814 14.1% 12.1% 14.5% 9.2x 10.2x 1.5x

Mean $9,646 $12,484 $7,721 18.1% $1,175 15.1% 12.8% 17.3% 9.1x 10.8x 1.6x

Retail Distributors

Genuine Parts Company $19,229 $22,786 $23,705 15.5% $1,773 7.5% 11.2% 7.8% 11.1x 12.9x 1.0x

LKQ Corporation $10,304 $15,944 $14,664 20.5% $1,551 10.6% 21.5% 10.7% 8.4x 10.3x 1.1x

Pool Corporation $8,167 $8,906 $3,833 8.9% $429 11.2% 15.1% 11.8% 17.1x 20.7x 2.3x

Core-Mark Holding Company, Inc. $1,450 $1,960 $16,616 6.5% $151 0.9% 36.7% 1.0% 8.5x 13.0x 0.1x

Uni-Select Inc. $821 $1,329 $2,259 32.0% $159 7.0% 7.1% 7.2% 7.6x 8.4x 0.6x

Funko, Inc. $444 $959 $804 29.9% $123 15.3% 20.7% 17.0% 5.8x 7.8x 1.2x

Blackcraft Cult, Inc. $299 $0 $3 30.9% $0 12.6% N/A N/A N/A N/A N/A

Weyco Group, Inc. $398 $380 $374 1.2% $36 9.8% N/A N/A N/A 10.4x 1.0x

AMCON Distributing Company $84 $138 $1,233 5.3% $13 1.1% N/A N/A N/A 10.5x 0.1x

Median $821 $1,329 $2,259 15.5% $151 9.8% 17.9% 9.2% 8.4x 10.5x 1.0x

Mean $4,577 $5,822 $7,055 16.7% $471 8.4% 18.7% 9.3% 9.7x 11.7x 0.9x

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PUBLIC COMPARABLE ANALYSISTRADING MULTIPLES & OPERATING STATISTICS

Source: Capital IQ. Data as of December 31, 2018.Estimates based on Capital IQ calendar year consensus.LTM refers to last twelve months. NTM refers to next twelve months.

(Figures In $CAD Millions, except percentages and ratios)

LTM Operating Figures NTM Consensus Estimates Valuation (LTM)

CompanyMarket

CapEnterprise

Value RevenueRevenue Growth EBITDA

EBITDA Margin

Revenue Growth

EBITDA Margin

NTM EV/EBITDA

EV/EBITDA

EV/Revenue

Food Distributors

Sysco Corporation $44,443 $55,367 $76,645 5.8% $4,259 5.6% 9.2% 5.8% 11.3x 13.0x 0.7x

US Foods Holding Corp. $9,382 $14,040 $31,191 1.3% $1,304 4.2% 7.8% 4.7% 8.9x 10.8x 0.5x

Performance Food Group Company $4,562 $6,233 $23,002 4.2% $501 2.2% 11.3% 2.5% 9.6x 12.4x 0.3x

United Natural Foods, Inc. $741 $6,079 $13,943 12.5% $437 3.1% 136.6% 3.0% 6.1x 13.9x 0.4x

The Andersons, Inc. $1,152 $2,003 $4,184 -14.7% $160 3.8% 8.6% 5.7% 7.7x 12.5x 0.5x

The Chefs' Warehouse, Inc. $1,308 $1,622 $1,820 9.3% $87 4.8% 14.2% 5.6% 13.9x 18.7x 0.9x

SpartanNash Company $843 $1,774 $10,632 3.9% $254 2.4% 5.7% 2.6% 6.0x 7.0x 0.2x

Bozzuto's Inc. $124 $0 $0 0.0% $0 N/A N/A N/A N/A N/A N/A

Colabor Group Inc. $43 $158 $1,238 -8.3% $19 1.5% -2.0% 1.8% 7.3x 8.3x 0.1x

Innovative Food Holdings, Inc. $27 $26 $59 13.6% $4 6.8% -100.0% N/A N/A 6.4x 0.4x

Median $997 $1,888 $7,408 4.1% $207 3.8% 8.6% 3.8% 8.3x 12.4x 0.4x

Mean $6,262 $8,730 $16,271 2.8% $702 3.8% 10.2% 4.0% 8.9x 11.4x 0.4x

Healthcare Distributors

McKesson Corporation $29,451 $41,350 $272,657 4.4% $5,239 1.9% 8.8% 1.9% 7.2x 7.9x 0.2x

AmerisourceBergen Corporation $21,516 $24,637 $217,089 9.7% $2,784 1.3% 12.4% 1.3% 7.8x 8.9x 0.1x

Cardinal Health, Inc. $18,132 $27,624 $180,172 6.7% $3,809 2.1% 8.5% 1.9% 7.4x 7.3x 0.2x

Henry Schein, Inc. $16,333 $20,104 $16,992 7.2% $1,430 8.4% 10.2% 8.4% 12.8x 14.1x 1.2x

Patterson Companies, Inc. $2,505 $3,405 $7,231 -0.3% $290 4.0% 6.5% 4.7% 9.4x 11.8x 0.5x

Owens & Minor, Inc. $538 $2,606 $12,520 4.2% $311 2.5% 8.8% 2.4% 7.9x 8.4x 0.2x

PetIQ, Inc. $682 $897 $607 80.8% $37 6.1% 30.3% 8.8% 12.9x 24.4x 1.5x

HLS Therapeutics Inc. $400 $517 $84 -7.6% $58 68.7% -2.2% 65.1% 9.6x 8.9x 6.1x

Median $9,419 $11,755 $14,756 5.6% $870 3.2% 8.8% 3.6% 8.7x 8.9x 0.3x

Mean $11,195 $15,142 $88,419 13.1% $1,745 11.9% 10.4% 11.8% 9.4x 11.4x 1.2x

Office Distributors

Essendant Inc. $646 $1,313 $6,447 -2.1% $114 1.8% 4.8% 0.0% N/A 11.5x 0.2x

Acme United Corporation $66 $129 $176 7.6% $13 7.6% 11.3% 8.2% 8.0x 9.7x 0.7x

Median $356 $721 $3,312 2.7% $64 4.7% 8.1% 4.1% 8.0x 10.6x 0.5x

Mean $356 $721 $3,312 2.7% $64 4.7% 8.1% 4.1% 8.0x 10.6x 0.5x

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PUBLIC COMPARABLE ANALYSISGROWTH & MULTIPLES




14%

10%

4%

3%

5%

0% 5% 10% 15%


Retail Distributors

Food Distributors


Office Distributors

EBITDA Margin (LTM)

15%

9%

4%

4%

4%

0% 5% 10% 15% 20%


Retail Distributors

Food Distributors


Office Distributors

EBITDA Margin (NTM)

9.2x

8.4x

8.3x

8.7x

8.0x

7.0x 7.5x 8.0x 8.5x 9.0x 9.5x


Retail Distributors

Food Distributors


Office Distributors

EV/EBITDA (NTM)

10.2x

10.5x

12.4x

8.9x

10.6x

0.0x 5.0x 10.0x 15.0x


Retail Distributors

Food Distributors


Office Distributors

EV/EBITDA (LTM)

13%

15%

4%

6%

3%

0% 5% 10% 15% 20%


Retail Distributors

Food Distributors


Office Distributors

Revenue Growth (LTM)

Source: Capital IQ. Data as of December 31, 2018.LTM refers to last twelve months. NTM refers to next twelve months.

Avg. 9.8%

Avg. 7.1%

Avg. 8.5x

Avg. 7.0%

Avg. 10.5x

Avg. 8.3%

12%

11%

9%

9%

8%

0% 2% 4% 6% 8% 10% 12% 14%


Retail Distributors

Food Distributors


Office Distributors

Revenue Growth (NTM)

Page 13

PUBLIC COMPARABLE ANALYSISPERFORMANCE ANALYSIS




0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

EV /

NTM

EB

ITD

A M

ult

iple

Trading Companies & Distributors Office Distributors Retail Distributors

Food Distributors Healthcare Distributors

Source: Capital IQ. Data as of December 31, 2018.Custom indexes are market capitalization weighted. Further detail on index constituents is provided on pages 8 and 9 .LTM refers to last twelve months. NTM refers to next twelve months.

BENCHMARK PERFORMANCE (Last 10 years)

INDUSTRY PEER GROUP HISTORICAL EV / NTM EBITDA

278%

302%

195%

147%

3%

204%

11.2x

10.7x

9.8x

8.5x

0.7x

Page 14

MNPCF – LEADERSHIP TEAM

DUE DILIGENCE LEADERSHIP

TRANSACTION LEADERSHIP

Aleem BandaliManaging Director

[email protected]

Dale AntonsenManaging Director

[email protected]

John CaggianielloManaging Director

[email protected] 416.513.4177

Brett FranklinPresident

[email protected]

Mike ReynoldsManaging Director

[email protected]

Johnny EarlManaging Director

[email protected] 604.637.1514

Dan PorterManaging Director

[email protected]

Stephen ShawManaging Director

[email protected]

Jason BurgessManaging Director

[email protected]

Mark RegehrManaging Director

[email protected]

Craig MaloneyManaging Director

[email protected]

Patrick KhouzamManaging Director

[email protected]

Page 15

MNPCF – RECENT TRANSACTIONS

NATIONAL

Documents

WHOLESALE & DISTRIBUTION QUARTERLY UPDATE Q4 2018 … · Hydraulic and pneumatic machinery and equipment Food processing machinery The industrial machinery and equipment wholesaling