Core & Main Signs Agreement to Acquire Lock City Supply Inc.

Rhea-AI Summary

Core & Main (NYSE: CNM) has announced the acquisition of Lock City Supply Inc., a distributor of water and wastewater products based in New York. This strategic move aims to enhance customer service and expand market reach.

Lock City Supply, established in 1973, is recognized for its dependable service and expertise in the municipal market. The acquisition supports Core & Main’s commitment to delivering quality infrastructure solutions across the U.S., backed by a robust supply chain and local expertise.

Positive

• Strategic acquisition of Lock City Supply to enhance customer service and market reach.
• Lock City Supply has a strong 50-year reputation in its local market.
• Increased expertise and resources to better serve municipal and utility markets.

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 Lock City Supply Inc., a full-service distributor of water and wastewater products, based in New York.

“With almost 50 years of industry experience, Lock City Supply has proven itself to be a distributor of choice in its local market. This strategic acquisition will allow us to better serve our combined customer base alongside a great group of people and we’re excited to welcome them into the Core & Main family,” said Steve LeClair, chief executive officer of Core & Main.

“We admire Lock City Supply’s dedication to their associates, customers and vendors,” said Jack Schaller, president of Core & Main Waterworks. “They have firmly established themselves as a trusted and reliable distributor to contractors and municipalities within their community due to their expertise and first-class service.”

Lock City Supply was established in 1973 and takes pride in providing its customers top-of-the-line service. Lock City Supply offers a variety of water and wastewater materials to the municipal and utility markets. Lock City Supply’s facility is located in Lockport, New York and serves the Buffalo market and surrounding areas.

“I am proud of all we have accomplished at Lock City Supply. 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 Bill Kelley, owner of Lock City Supply Inc. “Core & Main shares our commitment to serving local communities, providing technical expertise and developing team members. We are eager 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/20220331005942/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 Lock City Supply?

The acquisition aims to enhance customer service and expand market reach in the water and wastewater product sector.

When was the acquisition of Lock City Supply by Core & Main announced?

The acquisition was announced on March 31, 2023.

What is the stock symbol for Core & Main?

The stock symbol for Core & Main is CNM.

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

The acquisition is expected to increase expertise and resources, allowing Core & Main to better serve its customer base in the municipal and utility markets.