Core & Main Signs Definitive Agreement to Acquire Catalone Pipe & Supply

Rhea-AI Summary

Core & Main (NYSE: CNM) has announced its acquisition of Catalone Pipe & Supply Co., a provider of waterworks products and services based in Penfield, Pennsylvania. This strategic move aims to enhance Core & Main's footprint in the Northeast region. The acquisition focuses on increasing product offerings and customer base by integrating Catalone's operations, known for their custom solutions and customer service. Core & Main currently operates multiple locations in Pennsylvania, and this acquisition is expected to strengthen its market position.

Positive

• Acquisition of Catalone Pipe & Supply Co. enhances market presence in the Northeast.
• Strengthens product offerings with Catalone's expertise in custom solutions.

Negative

• None.

Acquisition to Expand Waterworks Footprint

ST. LOUIS--(BUSINESS WIRE)-- Core & Main, Inc. (NYSE: CNM) (together with its subsidiaries, “Core & Main”), a leading specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, announced today that it has entered into a definitive agreement to acquire substantially all of the assets of Catalone Pipe & Supply Co., a full service provider of waterworks products and services, and custom concrete catch basins, based in Penfield, Pennsylvania.

“A full-service provider like Catalone Pipe & Supply aligns with the dependable expertise we offer throughout the waterworks industry. The Catalone team has a strong history of providing the customer what they need, when they need it. We admire that kind of dependability,” said Steve LeClair, chief executive officer of Core & Main.

Core & Main currently serves Pennsylvania from its locations in Allentown, Harrisburg, Latrobe, Plymouth Meeting and State College.

“We’re excited to expand our waterworks footprint in the Northeast,” said Jack Schaller, president of Core & Main Waterworks. “The group at Catalone Pipe & Supply works hard to exceed their customers’ expectations and deliver quality products.”

Craig Catalone, president of Catalone Pipe & Supply, said, “I believe our team at Catalone Pipe & Supply is second to none. They are a dedicated group of individuals and are passionate about what they do. I believe Core & Main shares that same passion. We are eager to start collaborating with their local teams to enhance our customer base and continue to bring quality products and services to our community. I am also thrilled to be able to supply my team with greater opportunities that come with a larger organization.”

Founded in 1985, Catalone Pipe & Supply offers a wide variety of water, wastewater, electrical conduits and concrete catch basins, among many other products, and distinguishes itself on supplying its customers with custom solutions to minimize installation time and costs.

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 285 locations, the company provides its customers local expertise backed by a national supply chain. Core & Main’s 3,700 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/20211019006211/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 Core & Main's recent acquisition announcement?

Core & Main announced the acquisition of Catalone Pipe & Supply Co., aiming to expand its waterworks footprint in the Northeast.

How does the acquisition of Catalone Pipe & Supply impact Core & Main?

The acquisition is expected to enhance Core & Main's product offerings and increase its customer base in the Northeast region.

When was the acquisition of Catalone Pipe & Supply announced?

The acquisition was announced on October 19, 2021.

What are the key benefits of the Catalone Pipe & Supply acquisition for Core & Main?

The acquisition enhances Core & Main's operations by integrating Catalone's expertise in waterworks products and services.

What products does Catalone Pipe & Supply offer?

Catalone Pipe & Supply offers water, wastewater, electrical conduits, and concrete catch basins, among other products.