Morsco Signs Agreement to Acquire Fortiline
FORT WORTH, Texas — Morsco Inc., a distributor of commercial and residential plumbing products, HVAC equipment, and pipe, valves, and fittings (PVF), announced it has signed a definitive agreement to acquire Fortiline Waterworks, a portfolio company of CHS Capital LLC and one of the largest waterworks distributors in the U.S., as its waterworks distribution platform.
Morsco, a portfolio company of global private equity firm Advent International, is one of the fastest growing distribution companies in the industry with 140+ branch locations, more than $1 billion in sales, and over 2,000 associates in 12 states. Advent will make a significant new equity investment to support the acquisition.
Mike Swedick will remain president and CEO of Fortiline, which will continue to operate as a standalone company, responsible for waterworks supplies distribution inside of Morsco.
Chip Hornsby, CEO of Morsco, said, “We are extremely excited to be partnering with Fortiline. Since the purchase of Morrison Supply Company in November 2011, our intent was to become a world-class distributor in plumbing, HVAC, and waterworks. In less than five years, we have expanded coast to coast through acquisitions and organic growth primarily in plumbing and HVAC. The addition of Fortiline as a standalone waterworks business under the leadership of Mike Swedick further demonstrates our commitment to the waterworks industry.”
“On behalf of all the employees at Fortiline, we are extremely proud and excited to have signed an agreement to join the Morsco family,” said Swedick. “Our experience in dealing with the management team at Morsco has been wonderful; I have learned that we have similar cultures and values, which will make this transition seamless. We very much look forward to continuing to build our waterworks platform while collaborating with the leadership team at Morsco to build a world class distribution company.”
The closing of the transaction is expected to occur by Oct. 31, 2016, subject to various conditions.
For more information about Morsco, visit www.morscousa.com.