Advent International to Sell MORSCO to Reece Limited
The $1.44 billion transaction is expected to be completed in July
BOSTON — Advent Intl., a global private equity investor, has agreed to sell MORSCO, a U.S. distributor of plumbing products, waterworks materials, and HVAC equipment to Reece Limited. Reece, a distributor of plumbing, waterworks, and HVAC products in Australia, will acquire MORSCO for $1.44 billion in cash. Reece intends to operate MORSCO separately from its businesses in Australia and New Zealand with the existing MORSCO management team remaining in place under the leadership of CEO Chip Hornsby.
MORSCO is a private company that has been owned by Advent since November 2011. With Advent’s support, the company has grown organically and through acquisitions from a regional distributor into a national plumbing, waterworks, and HVAC company. Today the company has 171 branches in 16 states with coast-to-coast coverage.