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Ferguson plc (NYSE: FERG; LSE: FERG) has announced the acquisition of Bruce Supply Corp, Kennedy Companies, and S. G. Torrice, generating annualized revenues of approximately $450 million. The acquisitions aim to enhance Ferguson's offerings in plumbing, waterworks, and HVAC distribution, expanding its reach in key growing markets across the U.S.
Positive
The acquisitions of Bruce Supply, Kennedy, and S. G. Torrice are expected to fuel Ferguson's future organic growth, as they are great cultural fits and have strong local customer relationships.
Ferguson's proven track record of successful acquisitions, with more than 50 completed in the last five years, indicates the company's expertise in integrating new entities into its operations.
Negative
None.
WOKINGHAM, England--(BUSINESS WIRE)--
Ferguson plc (NYSE: FERG; LSE: FERG) announces the acquisition of Bruce Supply Corp (Bruce Supply), a plumbing distributor; The Kennedy Companies (Kennedy), a waterworks distributor; and S. G. Torrice, an HVAC distributor. All three acquisitions closed in the fourth quarter of fiscal year ending July 31, 2023, and generate aggregate annualized revenues of approximately $450 million.
“Bruce Supply, Kennedy and S. G. Torrice are great cultural fits for Ferguson and will help us better serve commercial mechanical, waterworks, and plumbing and HVAC trade professionals in key growing markets across the U.S.,” said Kevin Murphy, Ferguson CEO. “All three companies have great reputations and associates with strong local customer relationships that will help fuel our future organic growth.”
Bruce Supply Corp.
Bruce Supply Corp. is a plumbing distributor that serves commercial, mechanical, residential, HVAC and fire and fabrication contractors in the New York City (NYC) Metro region. Founded in 1969, it is headquartered in Brooklyn, NY and has six locations in New York and New Jersey. With this acquisition, Ferguson further enhances our plumbing, pipe, valve and fittings (PVF), hydronics and fire protection and fabrication offerings in the NYC Metro area—the nation’s largest market.
The Kennedy Companies
Founded in 1973 and headquartered in Mount Laurel, NJ, Kennedy is a distributor of piping and related water, storm, sewer, and erosion control products. Kennedy has nine locations in New Jersey, Pennsylvania, Virginia and North Carolina. This acquisition expands Ferguson’s PVF, geotextile, stormwater and erosion control capabilities to more water and waste treatment plant and municipal customers in the mid-Atlantic region.
S. G. Torrice
S. G. Torrice is a distributor of HVAC equipment, parts and supplies in the New England region. Founded in 1958, it is headquartered in Wilmington, MA and has 15 locations in Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. With the closing of this previously announced acquisition, Ferguson can further serve dual-trade plumbing and HVAC professionals in the New England region.
Ferguson has a proven track record of successful acquisitions and has completed more than 50 acquisitions in the last five years. The large, fragmented markets in which Ferguson operates comprise 10,000+ small to medium ($10-300 million revenue) independent companies across Ferguson’s nine customer groups in North America.
About Ferguson
Ferguson plc (NYSE: FERG; LSE: FERG) is a leading value-added distributor in North America providing expertise, solutions and products from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more. We exist to make our customers’ complex projects simple, successful and sustainable. Ferguson is headquartered in the U.K., with its operations and associates solely focused on North America and managed from Newport News, Virginia. For more information, please visit www.corporate.ferguson.com or follow us on LinkedInhttps://www.linkedin.com/company/ferguson-enterprises.
Cautionary note on forward-looking statements
Certain information in this announcement is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and speak only as of the date on which they are made. Forward-looking statements can be identified by the use of forward-looking terminology such as “will,” “continue,” or other variations or comparable terminology. Many factors could cause our plans to differ materially from those in such forward-looking statements, including, but not limited to: the risk that the initiatives and priorities described in this announcement may be delayed, cancelled, suspended or terminated; weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate, and other factors beyond our control, including any macroeconomic or other consequences of the current conflict in Ukraine; failure to rapidly identify or effectively respond to direct and/or end customers’ wants, expectations or trends, including costs and potential problems associated with new or upgraded information technology systems; the costs and risk exposure relating to environmental, social and governance matters; adverse impacts caused by the COVID‐19 pandemic (or related variants); and other risks and uncertainties set forth under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2023 filed with the Securities and Exchange Commission (“SEC”) on June 7, 2023, in our Annual Report on Form 10-K filed with the SEC on September 27, 2022, and in other filings we make with the SEC in the future. Forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
