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Ferguson Enterprises, Newport News, VA, has acquired J.D. Daddario Co., Inc., Franklin, MA, in a stock transaction completed Jan. 31. A family-owned business incorporated in 1951, Daddario is a wholesale distributor of plumbing, hydronics, appliances, lighting and electrical supplies and fixtures. The company has annual sales of $59 million and employs 180 full-time associates. In addition to the headquarters in Franklin, the company has three satellite locations across eastern Massachussetts in Mashpee, Newton and Marlboro.
Ferguson also purchased Meckco Supply Co., Inc., Charlotte, NC, in an asset transaction completed Feb. 7. Meckco Supply is a wholesale plumbing distributor primarily focused on residential and commercial markets. At the time of the acquisition, the company had annual sales of $7 million and employed 15 full-time associates. The Charlotte headquarters, along with Meckco's Watermark Bath and Hardware Solutions in Matthews will become satellite locations of Ferguson's Charlotte branch. Watermark, a retailer of high-end plumbing and designer accessories, will provide Ferguson with an additional destination showroom in the greater Charlotte area.
The Daddario executive team will remain with the company in the following leadership roles; James F. "Jim" Daddario, president and general manager; John L. "Jack" Daddario, Sr., senior consultant; John L. "Jackie" Daddario, Jr., vice president of operations and Keith MacKay, business manager - electrical.
"This opportunity enables us to reach our growth potentials and goals at a much faster pace," comments Jack Daddario, Sr., former CEO of J.D. Daddario. "The combination of Ferguson's purchasing power, aggressive growth strategy and broader product selections and our focus on customer service, experienced employment base and strong management structure, is a great formula for continued success in the New England region. We look forward to continued years of success with the Ferguson organization and becoming part of their family."
Ferguson, owned by Wolseley plc, is the country's largest wholesale distributor of plumbing supplies; pipes, valves and fittings; waterworks; building materials; and heating and air conditioning products. Wolseley plc, with 3,600 branches, is the world's largest specialist trade distributor of plumbing and heating products. Wolseley's U.S. building distribution includes Ferguson and Stock Building Supply.