Losses increased for the diversified distributor.
Latest In Plumbing Products & PVF Distribution
Chaparral Supply acquisition allows MRC to become the primary supplier of PVF and supplies to SandRidge Energy.
For the first time since 2006, all three HARDI sectors reported expansion.
The appointments are the first since Shale-Inland Holdings was formed to facilitate the purchase of HD Supply’s Industrial PVF business.
Like-for-like sales in the U.S. climbed 9.4 percent with growth in most key businesses.
CEO Steen Weirsoe will leave Wolseley.
The sale of Bathstore is in line with Wolseley’s announced strategy of focusing on core businesses.
Profit for the global PVF distributors was $37.5 million.
On a same-store basis, sales were up 7 percent for Watsco.
Distributors expect strong demand in HVACR this summer.
Some consolidators are filling a need for owners who are looking for an exit now that the economy has turned back up.
In November 2011, private equity firm Advent International made a majority investment in Morrison Supply Company, Fort Worth, TX, a distributor of plumbing and HVAC supplies. Chip Hornsby, an Advent operating partner and former CEO of Wolseley, joined Morrison as CEO. Hornsby and Stephen Hoffmeister, a partner with Advent International, recently spoke with Associate Editor Jenel Stelton-Holtmeier about the goals for Morrison, the differences between private equity-backed companies and public companies, and the importance of focusing on people when trying to grow.
Hornsby was also featured in the April 2012 Executive Briefing. Watch his interview here.
MDM: Because different private equity firms have different goals for the companies they invest in, could you tell me a little bit about Advent’s philosophy?
Stephen Hoffmeister: We were founded in the ‘80s as a venture capital firm, and as a legacy of our founding, we are very much a growth-focused investor. Our goal is typically to double or triple the size of the businesses in which we invest. Our philosophy is to support growth in our companies in a way that is reasonable and sustainable and to do it in a way that those achievements are permanent in the long term. When you think about this context and what we can accomplish, it is reasonable to think about substantially growing the size of Morrison Supply over a four- or five-year timeframe.
MDM: What attracted Advent to Morrison?
Hoffmeister: Morrison is the leader in the Southwest plumbing supply market, and we really view that as a terrific position in a relatively more attractive market. The Southwest market, in terms of the macro-market as well as in the general economy, is in a relatively better place than most of the rest of the U.S. Candidly, we’re looking at a lot of opportunities both within the re…
New Amazon service offers 14 categories of products, including industrial, jan-san, office and more.
Sales comparison was negatively impacted by the inclusion of the now-divested Hussmann unit in first quarter 2011.
Ferguson sales increased 9 percent in the first half, with modest recovery in levels of new construction.
The joint venture will operate as a stand-alone business using its existing infrastructure.
Despite average growth, just over one-third of HVACR distributors had sales declines year-over-year.
MRC completed the acquisition of OneSteel Piping in Australia.
