Core & Main Signs Definitive Agreement to Acquire CES Industrial Piping Supply

Rhea-AI Summary

Core & Main (NYSE: CNM) announced it has entered into a definitive agreement to acquire CES Industrial Piping Supply, a provider of HDPE products based in Kansas City, Missouri. The acquisition is aimed at enhancing Core & Main's capabilities in high-density polyethylene (HDPE) products, offering customers comprehensive solutions in fabrication and installation. This move is anticipated to strengthen Core & Main's market presence and expand its customer base in the region.

Positive

• Acquisition of CES Industrial Piping Supply enhances Core & Main's HDPE product offerings.
• Strengthens market position in Kansas City region.
• Provides customers with a comprehensive one-stop-shop for HDPE solutions.

Negative

• None.

Acquisition to Expand HDPE Products and Services

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 CES Industrial Piping Supply, a full service provider of HDPE (high-density polyethylene) products and services, based in Kansas City, Missouri.

“A full-service provider like CES Industrial Piping aligns with the dependable expertise we offer in fusible HDPE, which is a growth area for us. The team in Kansas City offers a one-stop shop for HDPE products, fabrication and installation, a complete package that gives customers confidence in adopting a new product,” said Steve LeClair, chief executive officer of Core & Main.

Core & Main currently serves the Kansas City region from its locations in Blue Springs, Missouri and Olathe, Kansas.

“We’re excited to expand our HDPE presence in the Kansas City area by bringing CES Industrial Piping Supply into the Core & Main family,” said Jack Schaller, president of Core & Main Waterworks. “They are a team to count on and the proof is in the quality of their field work and loyalty of their customers.”

Greg Smith, owner of CES Industrial Piping Supply, said, “I’m immensely proud of the success our team has achieved and all we have accomplished at CES Industrial Piping Supply. We are thrilled that the Core & Main team shares our commitment to providing a family-oriented culture with a focus on exceeding customer expectations. We are eager to work with the local Core & Main teams to enhance our product and service offering, and gain access to an even broader customer base and larger product portfolio.”

Founded in 1997, CES Industrial Piping Supply offers a full line of HDPE pipe, fittings and fusion machines. The team serves such markets as industrial, oil and gas, water, wastewater, wind energy, landfill, mining, environmental and power plants.

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/20210915006127/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 CES Industrial Piping Supply?

The acquisition aims to enhance Core & Main's capabilities in high-density polyethylene (HDPE) products and services.

When did Core & Main announce the acquisition of CES Industrial Piping Supply?

Core & Main announced the acquisition on September 15, 2021.

What impact will the acquisition of CES Industrial Piping Supply have on Core & Main?

The acquisition is expected to strengthen Core & Main's market presence in Kansas City and expand its customer base.

What is CES Industrial Piping Supply known for?

CES Industrial Piping Supply is known for providing HDPE pipe, fittings, and fusion machines across several markets.