“Ferguson and Davis & Warshow share the same primary focus — providing outstanding service and creating loyal customers,” said Davis & Warshow CEO Frank Finkel. “We will continue to operate our business the same way we always have and expect to increase our service level even further with the vast resources of Ferguson behind us.”
Ferguson CEO Frank Roach said, “The acquisition of a long-standing, well-respected distributor such as Davis & Warshow allows us to enter the New York City metropolitan area with a solid platform for growth and expansion.” With another addition to its portfolio earlier this year, Davis & Warshow is Ferguson’s sixth acquisition over the past 14 months. Ferguson ended the 2012 fiscal year with sales of $9.7 billion, an increase of 10 percent over last year.
In 2006, Davis & Warshow became employee-owned, adopting a 100 percent Employee Stock Ownership Plan (ESOP). In that time, Finkel and his son, David, who is president and COO, have remained at the helm and represent, respectively, the third and fourth generation of family descended from one of the founders, Bernard Davis. He partnered with Louis Warshow to open the plumbing supply business just as New York City was emerging as a major metropolitan center. The company weathered the Depression and other building booms and busts, demonstrating resilience throughout the decades.
“We’ve built a solid foundation for the future,” added David Finkel. “The benefits of this transaction for our employee owners give us great satisfaction. We anticipate continued growth and success in the years to come.”
Ferguson is one of the largest wholesale distributors of residential and commercial plumbing supplies and pipe, valves, and fittings in the U.S. The company is also a major distributor of HVACR equipment, waterworks, and industrial products and services. For more information, visit www.ferguson.com.
Publication date: 10/22/2012