Ferguson Continues Strategic Growth With Four New Acquisitions
22 Mai 2024 - 12:45PM
Business Wire
Welcomes talented associates through bolt-on
geographic and capability acquisitions
Ferguson plc (NYSE: FERG; LSE: FERG) announces the closing of
four acquisitions: Southwest Geo-Solutions, Inc., AVCO Supply,
Inc., GAR Engineering and Safe Step Tubs of Minnesota, Inc. In
total, the company has closed on eight acquisitions this fiscal
year, ending July 31, 2024. Aggregate annualized revenues for all
acquisitions this fiscal year is approximately $350 million.
Southwest Geo-Solutions, Inc.
Southwest Geo-Solutions is a full-service distributor of erosion
control, containment, geotextile and geogrid products headquartered
in Austin, TX. This acquisition expands Ferguson’s Waterworks
footprint in the central and southwest regions, and supports
business diversification in erosion control and stormwater
management.
AVCO Supply, Inc. Located in
Levittown, PA, AVCO is a leading distributor of boilers and hot
water heaters and offers design and specification services to both
commercial and residential contractors. The acquisition of AVCO
reinforces Ferguson’s commitment to providing engineered solutions
to the mechanical contractor and complements our strengths in the
commercial pipe, valve and fitting product and hydronic categories
in the Philadelphia market.
GAR Engineering, Inc. GAR Engineering,
Inc. is a fire protection engineering service and design firm
located in Concord, NC. The acquisition of GAR Engineering allows
Ferguson to expand its fire protection design and engineering
services.
Safe Step Tubs of Minnesota, Inc. Safe
Step MN is an independent dealer licensed to sell and install Safe
Step walk-in tubs and showers in the Midwest, serving the growing
senior/aging-in-place market. This acquisition builds on the
successful acquisition of Safe Step Walk-in Tub Company in 2018,
the number one provider of walk-in tubs in the U.S., and the
subsequent acquisitions of two independent dealers in 2022,
bringing all Safe Step nationwide dealers and install services into
Ferguson.
“We continue to complement our organic growth strategy through
capability and bolt-on acquisitions that are a cultural fit with
our organization,” said Ferguson CEO Kevin Murphy. “These four
companies not only expand our geographic footprint, product
offering and capabilities, but also add talented associates to
Ferguson. Their knowledge and strong customer relationships are an
invaluable asset that will help deliver results and grow
marketshare.”
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 LinkedIn
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 disruption
in the financial markets and any macroeconomic or other
consequences of political unrest, disputes or war; 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 or our ability to timely deploy new omni-channel
capabilities; unsuccessful execution of our operational strategies;
adverse impacts caused by a public health crisis; and other risks
and uncertainties set forth under the heading “Risk Factors” in our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission (the “SEC”) on September 26, 2023, 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.
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Investor Inquiries Brian Lantz Vice President, IR and
Communications +1 224 285 2410
Pete Kennedy Director, Investor Relations +1 757 603 0111
Media Inquiries Christine Dwyer Senior Director,
Communications and Public Relations +1 757 469 5813
Christine.dwyer@ferguson.com
Ferguson Enterprises (NYSE:FERG)
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