Core & Main Completes Acquisition of Midwest Pipe Supply Inc.

Rhea-AI Summary

Core & Main has successfully acquired the assets of Midwest Pipe Supply, enhancing its presence in the drainage and waterworks sector in Iowa. This acquisition is expected to leverage Midwest Pipe Supply's established reputation and local expertise to expand Core & Main's service capabilities. The combined efforts aim to improve service delivery and product offerings across various sectors, including contractors and municipalities. Core & Main, based in St. Louis, operates over 320 locations nationwide, focusing on water, wastewater, and related infrastructure solutions. The acquisition is seen as a strategic move to enhance market reach and operational efficiency.

Positive

• Acquisition enhances market presence in Iowa.
• Midwest Pipe Supply's strong local reputation supports expansion.
• Increased service capabilities for contractors and municipalities.

Negative

• None.

ST. LOUIS--(BUSINESS WIRE)-- Core & Main Inc. (NYSE: CNM), a leader in advancing reliable infrastructure with local service, nationwide, has closed its acquisition of substantially all of the assets of Midwest Pipe Supply Inc., a distributor of drainage and waterworks products located in Clear Lake, Iowa.

“With its strong reputation, dedicated team and reliable local presence, we believe Midwest Pipe Supply will bring Core & Main a significant opportunity to expand our drainage and waterworks reach in Iowa,” said Steve LeClair, chief executive officer of Core & Main.

Midwest Pipe Supply was founded in 2002 and has established itself as a dependable distributor of drainage, septic and waterworks solutions. The company offers a wide range of products for contractors, municipalities and agriculture customers throughout the state from its Clear Lake, Iowa location.

“Midwest Pipe Supply’s dedication to providing its customers with outstanding service and the depth of knowledge its team brings within their local market will make it a great addition to our existing business,” said Jack Schaller, president of Core & Main. "We look forward to welcoming Mark and Wendy Paca and their entire team into the Core & Main family."

“I am proud of all that Midwest Pipe Supply has accomplished in our 20-plus year history of being the trusted partner for our customers with their drainage and waterworks needs,” said Mark Paca, owner of Midwest Pipe Supply. “The commitment and dedication that Core & Main has to their employees and the communities they serve mirrors our own. We are thrilled to be able to work with the Core & Main team to share our expertise and expand our product offering and customer base.”

About Core & Main

Based in St. Louis, Core & Main is a leader in advancing reliable infrastructure^™ with local service, nationwide^®. As a leading specialized distributor with a focus on water, wastewater, storm drainage and fire protection products, and related services, Core & Main provides solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets, nationwide. With approximately 320 locations across the U.S., the company provides its customers local expertise backed by a national supply chain. Core & Main’s 4,500 associates are committed to helping their communities thrive with safe and reliable 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/20230417005834/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 Midwest Pipe Supply?

The acquisition enhances Core & Main's market presence in Iowa, leveraging Midwest Pipe Supply's established reputation and local expertise.

How will the acquisition of Midwest Pipe Supply impact Core & Main's business operations?

The acquisition is expected to improve service delivery and product offerings, benefiting contractors and municipalities in the region.

When was the acquisition of Midwest Pipe Supply by Core & Main announced?

The acquisition was announced on April 17, 2023.

What are the expected benefits of the Midwest Pipe Supply acquisition for Core & Main?

The expected benefits include expanded drainage and waterworks reach in Iowa and improved operational efficiencies.

What is the stock symbol for Core & Main?

The stock symbol for Core & Main is CNM.