Core & Main Signs Agreement to Acquire Lanier Municipal Supply Co. Inc.

Rhea-AI Summary

Core & Main, Inc. (NYSE: CNM) announced a definitive agreement to acquire Lanier Municipal Supply Co. Inc., enhancing its distribution of water and wastewater products in the Southeast. This acquisition, which includes assets of Lanier, bolsters Core & Main's service capabilities and market presence. With over 40 years in the industry, Lanier is known for its strong customer relationships and local expertise. The strategic move aims to improve service delivery and infrastructure sustainability for waterworks customers.

Positive

• Acquisition enhances market presence in the Southeast.
• Increases service capabilities for waterworks customers.
• Established reputation of Lanier aids in customer trust.
• Strengthens Core & Main as a trusted waterworks partner.

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 Lanier Municipal Supply Co. Inc., a full-service distributor of water, wastewater, storm drainage, agricultural and irrigation products, headquartered in Lakeland, Georgia.

“Lanier Municipal Supply has spent the last four decades building a reputation as a leading supplier of sewer and water products in the southeast. We believe their addition to the Core & Main team will amplify our ability to provide our waterworks customers in the region with superior service and innovative solutions,” said Steve LeClair, chief executive officer of Core & Main.

Since its founding in 1978, Lanier Municipal Supply has consistently delivered the highest level of service and value to customers through their facilities in Lakeland and Savannah, Georgia, and Panama City and Lake City, Florida. Lanier Municipal Supply provides sewer and water products, including pipe, valves, fittings, casing, tubing and water meters. Its local approach to business, family values and strong relationships have kept customers returning through the years.

“The depth of knowledge and expertise that the Lanier Municipal Supply team brings to our water and wastewater operations strengthens our position as the trusted waterworks partner in the southeast,” said Jack Schaller, president of Core & Main. "This acquisition expands our resources in this market and enables us to deliver on our commitment to provide a safe and sustainable infrastructure for future generations.”

“Lanier Municipal Supply has proudly delivered expert water, wastewater and storm drainage products and solutions to our customers for over 40 years,” said Bridget and Richard Corbett, owners of Lanier Municipal Supply. “As a family-owned business, we feel the dedication Core & Main shows to their employees and customers, along with their growth-oriented mindset, aligns well with the culture we have established. Together we can continue building on our longstanding commitments to provide safe, reliable and timely service to our customers for many years to come.”

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 with 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/20221107006066/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 Lanier Municipal Supply?

The acquisition aims to enhance Core & Main's distribution capabilities and service offerings in the Southeast waterworks market.

When was the acquisition of Lanier Municipal Supply announced?

The acquisition was announced on November 7, 2022.

What products does Lanier Municipal Supply offer?

Lanier Municipal Supply provides sewer and water products, including pipe, valves, fittings, casing, tubing, and water meters.

How does the acquisition impact Core & Main's market strategy?

The acquisition expands Core & Main's resources, improving their ability to deliver innovative solutions and superior service.

What is the expected outcome of the acquisition for Core & Main?

The expected outcome is an enhanced ability to provide safe and sustainable infrastructure services to customers.