Distribution Solutions Group Inc
lawsonproducts.comDistribution Solutions Group Inc (NASDAQ: DSGR) is a global specialty distribution company that sells maintenance, repair and operations (MRO) supplies, electronic test and measurement equipment, and OEM supply chain solutions. Revenue is transactional, generated through product sales across four operating segments: TestEquity, Gexpro Services, Lawson Products, and Canada Branch Division. Total revenue was $1.98B in FY2025, up from $1.80B in FY2024, with TestEquity as the largest segment at 39.6% of FY2025 revenue ($783.2M), followed by Gexpro Services at 25.1% ($496.7M), Lawson at 24.3% ($481.1M), and Canada Branch Division at 11.2% ($221.4M). The company was formed through the strategic mergers of Lawson Products, TestEquity, and Gexpro Services, completed in 2022. Peer companies named in the FY2025 10-K include W.W. Grainger, Fastenal, MSC Industrial Direct, Applied Industrial Technologies, DXP Enterprises, and Global Industrial Company. As of the 10-K filed 2026-03-05, DSGR carries $700M in term debt under a senior secured facility amended in December 2025 and extended through 2030, alongside a $400M revolving credit arrangement.
Products & Services
Lawson: fastening systems (16% of Lawson revenue FY2025), aftermarket automotive supplies (21%), fluid power (14%), electrical (10%), specialty chemicals (10%), cutting tools and abrasives (8%), safety products (6%). TestEquity: electronic production supplies (60% of TestEquity revenue FY2025), test and measurement equipment (26%), fabricated products (6%), rental and refurbished equipment (5%), distributed under brands TestEquity, Hisco, Techni-Pro, Techni-Tool, and Jensen Tools. Gexpro Services: hardware (45% of Gexpro revenue FY2025), electrical (24%), fabrications (16%), mechanical components; sourced from approximately 3,300 suppliers across 32 locations. Canada Branch Division: industrial MRO supplies, safety products, fasteners, and power tools via Bolt and Source Atlantic subsidiaries.
Revenue Model
Transactional product sales across four segments. Lawson sells C-parts MRO supplies through a direct field sales force. TestEquity distributes test and measurement equipment and electronic production supplies, including vendor managed inventory programs. Gexpro Services provides OEM supply chain and production line management programs. Canada Branch Division sells industrial MRO supplies and fasteners through 35 branch locations. Gross margin was 33.4% of total revenue in FY2025 and 34.0% in FY2024.
Customers & Markets
TestEquity serves over 127,000 customers at 144,000 locations as of FY2025, with 83% of TestEquity revenue from U.S. customers. Top TestEquity end markets: electronics manufacturing (31%), aerospace and defense (20%), medical (8%), reseller (7%), automotive (7%). Lawson top end markets: automotive (31%), manufacturing (14%), trade wholesale and retail (11%), construction (8%), mining (7%). Gexpro Services serves over 2,100 customers in over 52 countries; top end markets: renewable energy (33%), industrial power (18%), transportation (17%), aerospace and defense (13%). No single customer concentration disclosed as material in the excerpts.
Geographic Exposure
Primarily North America. TestEquity operates primarily in the United States (83% of TestEquity FY2025 revenue) with additional presence in Canada, Europe, and Mexico. Gexpro Services operates across 32 locations in North America, South America, Asia, Europe, and the Middle East, serving customers in over 52 countries. Canada Branch Division operates through 35 branch locations in Canada.
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