Core & Main Signs Agreement to Acquire Inland Water Works Supply Co.

Rhea-AI Summary

Core & Main (NYSE: CNM) has announced the acquisition of substantially all assets of Inland Water Works Supply Co., a distributor of water and wastewater products in Southern California. This acquisition aims to enhance service capabilities and expand their customer base, combining Core & Main's resources with Inland Water Works' local expertise. With a 70-year history, Inland Water Works Supply is recognized for its commitment to service and quality.

The acquisition signifies Core & Main's strategic growth in the water product distribution sector.

Positive

• Strategic acquisition of Inland Water Works Supply Co. enhances Core & Main's service capabilities.
• Inland Water Works has a strong local presence and 70-year history in Southern California.
• Combining resources with Inland Water Works is expected to expand customer base and product offerings.

Negative

• None.

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 entered into a definitive agreement to acquire substantially all of the assets of Inland Water Works Supply Co., a full-service distributor of water and wastewater products, based in Southern California.

“With a focus on personal service and attention to detail, Inland Water Works Supply has proven itself to be a supplier of choice in its local market for 70 years. This strategic acquisition will allow us to better serve our combined customer base alongside a highly-experienced and cohesive team,” said Steve LeClair, chief executive officer of Core & Main.

“We admire Inland Water Works Supply’s dedication to their associates, customers and suppliers,” said Jack Schaller, president, Core & Main. “They have firmly established themselves as a trusted and reliable distributor to contractors and municipalities within their community due to their expertise and commitment to outstanding service. We look forward to serving Southern California together.”

Established in 1952, Inland Water Works Supply provides quality products for new water and sewer construction as well as for the maintenance and repair of existing water and sewer systems to municipalities and contractors throughout Southern California. Its facility is located in San Bernardino, California.

“Inland Water Works Supply has a 70-year history that is deeply rooted in commitment to both our customers and our employees. We have a great team that succeeds by being experts in our field and offering exceptional customer service. We pride ourselves on being problem solvers and trusted partners,” said Jeff and Greg Spears, co-owners of Inland Water Works Supply Co. “Core & Main’s commitment to serving local communities, providing technical expertise and a family-oriented culture align well with our personal values. Our inclusion into the Core & Main family will allow us to offer our customers and employees an expanded portfolio of products and services, along with enhanced expertise. We are excited to begin our next chapter with Core & Main.”

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 approximately 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/20220719006050/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 purpose of Core & Main's acquisition of Inland Water Works Supply Co.?

The acquisition aims to enhance service capabilities and expand Core & Main's customer base in Southern California.

What are the expected impacts of the acquisition on Core & Main (CNM)?

The acquisition is expected to provide expanded product offerings and improve service capabilities by leveraging Inland Water Works' local expertise.

When was the acquisition of Inland Water Works Supply Co. announced by Core & Main?

Core & Main announced the acquisition on July 19, 2022.