Ferguson Plc FERG on Tuesday said it has signed definitive purchase agreements to acquire Yorkwest Plumbing Supply and Grove Supply. The company also closed on the acquisition of Harway Appliances.
These acquisitions have aggregate annualized revenues of approximately $220 million.
Yorkwest is a distributor of plumbing, municipal, Hydronics, institutional, HVAC, and industrial products in Greater Toronto.
Grove Supply is a plumbing and HVAC distributor founded in 1948 and headquartered north of Philadelphia, PA.
Harway is a distributor of high-end kitchen appliances for homeowners, custom home builders and designers in Austin.
The Yorkwest and Grove Supply acquisitions are expected to close in the next 90 days, subject to customary closing conditions, including regulatory clearance of the Yorkwest acquisition.
"As we acquire new businesses, we place tremendous value on the expertise of the talented associates and the customer relationships they bring to the business," said Ferguson CEO Kevin Murphy. "Our strategy remains twofold: prioritizing organic growth and consolidating fragmented markets through acquisitions that align well with our culture and values."
Price Action: FERG shares are trading lower by 0.33% to $186.48 on the last check Tuesday.
Photo via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
