Core & Main LP, based in St. Louis, Missouri, announced on Monday that it has closed its previously announced deal to buy substantially all of the assets of L & M Bag & Supply Co. Inc. The deal, which was first announced in June, marked Core & Main’s 14th acquisition since becoming an independent company in August 2017.
L & M Bag & Supply Co., Inc., which is based in based in Willacoochee, Georgia, is a supplier of geotextile fabrics and geogrids, as well as silt fences, turbidity barriers and safety fences, weed control fabric, and sod staples.
Founded in 1992, L & M also manufactures a variety of blanket and wattle products through U.S. Erosion Control Products, Inc., an entity that was included in the Core & Main transaction. Financial terms of the deal weren’t released.
“We are excited to welcome the L & M group into the Core & Main family,” said Jack Schaller, president of Core & Main Waterworks. “We look forward to growing together and learning how we can make a positive impact throughout our local communities.”
In May, Core & Main, which is ranked No. 10 on MDM’s 2021 Top 40 Distributor list, announced that it planned to go public after filing paperwork with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). In July, Core & Main launched the roadshow for its IPO. Core & Main Inc is targeting a valuation of up to $7.5 billion in its IPO, according to a story by Reuters.
Core & Main, which is a distributor of water, wastewater, storm drainage and fire protection products, was sold by HD Supply in 2017 to private investment firm Clayton, Dubilier & Rice for $2.5 billion. Core & Main’s specialty products and services are used in the maintenance, repair, replacement and construction of water and fire protection infrastructure.