Core & Main Completes Acquisition of Lock City Supply, Inc.

Rhea-AI Summary

Core & Main, Inc. (NYSE: CNM) has officially acquired substantially all assets of Lock City Supply, Inc., based in New York. This strategic acquisition aims to enhance Core & Main's presence in western New York, particularly in the Buffalo region, providing access to a new customer base and expanding service capabilities. Lock City Supply, established in 1973, is known for its comprehensive water and wastewater product offerings and strong customer relationships. The deal aligns with Core & Main's commitment to deliver high-quality products and support to local communities.

Positive

• Acquisition of Lock City Supply expands Core & Main's footprint in western New York.
• Access to a new local customer base in the Buffalo area.
• Strengthens service capabilities with dedicated professionals from Lock City Supply.

Negative

• None.

Expands Waterworks Footprint

ST. LOUIS--(BUSINESS WIRE)-- Core & Main, Inc., (NYSE: CNM), a leading specialized distributor of water, wastewater, storm drainage, fire protection products and related services, has closed its previously announced acquisition of substantially all of the assets of Lock City Supply, Inc., based in New York.

“We look forward to strengthening our team in western New York with the addition of Lock City Supply,” said Steve LeClair, chief executive officer of Core & Main. “With their location in the Buffalo area, we gain access to a new local customer base and we are excited to continue providing the local community with the same high-quality customer service they’ve come to expect from Lock City Supply.”

Lock City Supply has evolved its business model over the years to meet the demands of the waterworks industry by offering a complete line of quality products. It offers a broad variety of water and wastewater materials to satisfy the needs of its customers in the municipal and utility markets.

“Lock City Supply is made up of a dedicated group of experienced professionals who have distinguished themselves through trusted relationships with their loyal customers,” said Jack Schaller, president of Core & Main Waterworks. “Their breadth of waterworks knowledge is admirable and we know they will be a great fit within the Core & Main family.”

Lock City Supply was established in 1973 and takes pride in providing its customers top-of-the-line service. Its facility is located in Lockport, New York, and serves the Buffalo market and surrounding areas.

About Core & Main

Based in St. Louis, Core & Main is a leading specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets nationwide. With more than 300 locations, the company provides its customers local expertise backed by a national supply chain. Core & Main’s 4,100 associates are committed to helping their communities thrive with safe and sustainable infrastructure. Visit coreandmain.com to learn more.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Core & Main’s financial and operating outlook, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005765/en/

Investor Relations:

Robyn Bradbury, 314-995-9116

InvestorRelations@CoreandMain.com

Media Relations:

Jennifer Noonan, 314-750-9670

Jennifer.Noonan@CoreandMain.com

Source: Core & Main, Inc.

FAQ

What is the significance of Core & Main's acquisition of Lock City Supply?

The acquisition expands Core & Main's footprint in New York, providing access to a new customer base and enhancing service capabilities.

How will the acquisition of Lock City Supply impact Core & Main's operations?

The acquisition will strengthen Core & Main's service capabilities in the Buffalo area and improve customer offerings.

When did Core & Main finalize the acquisition of Lock City Supply?

Core & Main closed the acquisition of Lock City Supply on the date of the press release.

What products does Lock City Supply offer?

Lock City Supply offers a complete line of water and wastewater materials for municipal and utility markets.

What are Core & Main's plans after acquiring Lock City Supply?

Core & Main aims to integrate Lock City Supply's operations while maintaining high-quality customer service.