FERGUSON PLC: Ferguson Announces Three Acquisitions
09 Enero 2024 - 9:00AM
UK Regulatory
TIDMFERG
Ferguson plc (NYSE: FERG; LSE: FERG) has signed definitive
purchase agreements to acquire Yorkwest Plumbing Supply Inc. and
Grove Supply, Inc., and closed on the acquisition of Harway
Appliances. These acquisitions have aggregate annualized revenues
of approximately $220 million.
Yorkwest Plumbing Supply Inc.
Yorkwest is a leading distributor of plumbing, municipal,
hydronics, institutional, HVAC and industrial products in the
greater Toronto area. Each of Yorkwest's four locations includes a
kitchen and bath showroom branded as Atlantis Bath Centre.
Yorkwest's business operations will be integrated into Ferguson's
subsidiary in Canada, Wolseley Canada.
Grove Supply, Inc.
Founded in 1948 and headquartered north of Philadelphia, PA,
Grove Supply is a plumbing and HVAC distributor that serves the
residential trade, builder and remodel markets. Grove Supply has 17
locations across Pennsylvania and New Jersey, and six of the
locations include showrooms that operate as GSI Bath Showplace.
This acquisition expands our plumbing and HVAC presence in Metro
Philadelphia and will allow us to better serve local dual-trade
professionals.
Harway Appliances
Harway is a premier distributor of high-end kitchen appliances
for homeowners, custom home builders and designers in Austin, TX.
This acquisition strengthens our showroom presence in one of the
fastest-growing markets in the country and offers an opportunity
for further expansion into the plumbing and lighting categories. It
also grows our delivery and installation capabilities in Austin
through Harway's network of both in-house and third-party delivery
and installation teams.
The acquisition of Harway Appliances closed on Jan. 8. The
Yorkwest and Grove Supply acquisitions are expected to close in the
next 90 days, subject to customary closing conditions including
regulatory clearance of the Yorkwest acquisition.
"As we acquire new businesses, we place tremendous value on the
expertise of the talented associates and the customer relationships
they bring to the business," said Ferguson CEO Kevin Murphy. "Our
strategy remains twofold: prioritizing organic growth and
consolidating fragmented markets through acquisitions that align
well with our culture and values."
Ferguson has a proven track record of successful acquisitions
and has completed more than 50 acquisitions in the last five years.
The large, fragmented markets in which Ferguson operates comprise
10,000+ small to medium ($10-300 million revenue) independent
companies across Ferguson's nine customer groups in North
America.
About Ferguson
Ferguson plc (NYSE: FERG; LSE: FERG) is a leading value-added
distributor in North America providing expertise, solutions and
products from infrastructure, plumbing and appliances to HVAC,
fire, fabrication and more. We exist to make our customers' complex
projects simple, successful and sustainable. Ferguson is
headquartered in the U.K., with its operations and associates
solely focused on North America and managed from Newport News,
Virginia. For more information, please visit
www.corporate.ferguson.com or follow us on LinkedIn
linkedin.com/company/ferguson-enterprises.
Cautionary note on forward-looking statements
Certain information in this announcement is forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995, and involves risks, assumptions and uncertainties that
could cause actual results to differ materially from those
expressed or implied by forward-looking statements. Forward-looking
statements cover all matters which are not historical facts and
speak only as of the date on which they are made. Forward-looking
statements can be identified by the use of forward-looking
terminology such as "will," "expect," or other variations or
comparable terminology. Many factors could cause our plans to
differ materially from those in such forward-looking statements,
including, but not limited to: the risk that the initiatives and
priorities described in this announcement may be delayed,
cancelled, suspended or terminated; weakness in the economy, market
trends, uncertainty and other conditions in the markets in which we
operate, and other factors beyond our control, including disruption
in the financial markets and any macroeconomic or other
consequences of political unrest, disputes or war; failure to
rapidly identify or effectively respond to direct and/or end
customers' wants, expectations or trends, including costs and
potential problems associated with new or upgraded information
technology systems or our ability to timely deploy new omni-channel
capabilities; unsuccessful execution of our operational strategies;
the costs and risk exposure relating to environmental, social and
governance matters, including sustainability issues, regulatory or
legal requirements, and disparate stakeholder expectations; adverse
impacts caused by a public health crisis; and other risks and
uncertainties set forth under the heading "Risk Factors" in our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission (the "SEC") on September 26, 2023, and in other filings
we make with the SEC in the future. Forward-looking statements
regarding past trends or activities should not be taken as a
representation that such trends or activities will continue in the
future. Other than in accordance with our legal or regulatory
obligations, we undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Investor Inquiries
Brian Lantz
Vice President, IR and Communications
+1 224 285 2410
Brian.lantz@ferguson.com
Pete Kennedy
Director, Investor Relations
+1 757 603 0111
Peter.kennedy@ferguson.com
Media Inquiries
Christine Dwyer
Senior Director, Communications and Public Relations
+1 757 469 5813
Christine.dwyer@ferguson.com
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CONTACT:
Ferguson plc
SOURCE: Ferguson plc
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