BOSTON - Advent International, the global private equity firm, announced that it has closed a significant majority investment in Morrison Supply Co. Morrison Supply will utilize Advent's strong expertise in the industrial sector to expand its presence in the $60 billion U.S. plumbing and HVAC supply market and enhance its leadership position in the Southwestern United States, said the company.
Advent operating partner Chip Hornsby will join the company as chief executive officer and will lead Morrison in the next phase of its expansion. Hornsby is the former chief executive officer of Wolseley plc, the largest building products distributor in the world with over $20 billion in global sales.
"Morrison's core strength is the quality of its people. And we believe this transaction will be very positive for our employees, as the company's expansion should lead to new and exciting opportunities for our people and their families. Equally, our vendor partners and customers stand to gain from our growth and financial strength," Hornsby said.
Scott Sangalli, Morrison's former chief executive officer and principal owner for the past 25 years, will continue as an investor in the company. "With Advent's support, Chip's leadership and our great people, Morrison Supply has a rock-solid foundation upon which to build its existing business and continue to provide industry-leading service to our customers. Morrison will also be in a position to acquire businesses and broaden its footprint. After weathering the historic construction downturn, we can now look forward to a period of expansion," said Sangalli.
Darrell Hawkins and Charlie Allen will continue in their roles as president and chief financial officer, respectively. Additionally, they will remain investors in the company and deeply committed to its ongoing success and expansion.
Advent operating partner Wes Clark will join the company as nonexecutive chairman.