Ferguson continues acquisitive growth strategy
Purchased 13 companies in fiscal year 2016 and entered Michigan waterworks market with three acquisitions
NEWPORT NEWS, Va., Sept. 15, 2016 /PRNewswire/ -- Ferguson, the nation's largest plumbing distributor, purchased 13 companies in fiscal year 2016. The acquisitions spanned coast-to-coast and multiple business types including waterworks, plumbing, fire and fabrication and MRO, in addition to eCommerce companies and appliance and lighting showrooms.
"We added many reputable companies with talented associates to our portfolio this year," said Ferguson CEO Frank Roach. "Our acquisition pipeline is strong, and we will continue to look for companies that integrate seamlessly with our core businesses and align with our corporate culture and values."
Geographic expansion is also important to Ferguson's acquisition strategy. The company focuses on markets where Ferguson has a limited presence or high-potential markets.
Entry into Michigan waterworks market through acquisition
Ferguson Waterworks, the industry's largest waterworks distributor, acquired three Michigan based waterworks companies – Michigan Pipe & Valve – Lansing, Michigan Pipe & Valve – Flint and Michigan Meter Technology Group in June and July. The acquisitions expand Ferguson's geographic footprint in the upper Midwest and provide a full waterworks offering in the state. Ferguson Waterworks now has locations in Flushing, Kalamazoo, Lansing, Warren and Madison Heights. The locations offer industry-leading meter lines and service, and with the acquisition of Michigan Meter, Ferguson Waterworks is now the sole distributor of Neptune Water Meters and AMI/AMR in Michigan.
"Our entry into the Michigan waterworks market is a good example of a bolt-on acquisition in a geography Ferguson was not currently servicing," added Roach. "More importantly, we are pleased to welcome the knowledgeable associates of these three companies to the Ferguson family, and look forward to establishing strong customer relationships in the upper Midwest."
Ferguson's fiscal year ended July 31. Full financial results will be released on September 27.
Ferguson
Ferguson (www.ferguson.com) is the largest wholesale distributor of residential and commercial plumbing supplies and pipe, valves and fittings in the U.S. The company is also a major distributor of HVAC/R equipment, waterworks and industrial products and services. Founded in 1953 and headquartered in Newport News, Va., Ferguson has sales of $13 billion and approximately 22,000 associates in 1,400 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico and the Caribbean. Ferguson is part of Wolseley plc (www.wolseley.com), which is listed on the London Stock Exchange (LSE: WOS) and on the FTSE 100 index of listed companies.
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