Ferguson Starts 2024 with Three Acquisitions - Modern Distribution Management

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Ferguson Starts 2024 with Three Acquisitions

These acquisitions by distribution giant Ferguson have an aggregate annualized revenue of approximately $220 million.
Photo Credit: Ferguson

Plumbing and industrial supplies distribution giant Ferguson will acquire at least three more distributors in the first half of the year as it continues its growth strategy through bolt-on acquisition.

The serial acquirer — ranked No. 3 on the MDM’s 2023 Top Industrial Distributors List — has completed more than 50 acquisitions in the last five years, with eight in 2023 alone. On Jan. 8, the Virginia-based distributor closed on the acquisition of Austin, TX-based appliance distributor Harway Appliances, and signed definitive purchase agreements to acquire two plumbing and HVAC distributors: Canada-based Yorkwest Plumbing Supply and Warminster, PA-based Grove Supply.

These acquisitions have an aggregate annualized revenue of approximately $220 million. ​

“Our strategy remains twofold: prioritizing organic growth and consolidating fragmented markets through acquisitions that align well with our culture and values,” said Ferguson CEO Kevin Murphy in a Jan. 9 news release. The fragmented markets in which Ferguson operates comprise more than 10,000 small to medium independent companies across nine customer groups in North America.

About the Acquisitions

  • Yorkwest Plumbing Supply is a distributor of plumbing, municipal, hydronics, institutional, HVAC and industrial products in the greater Toronto area. Each of Yorkwest’s four locations includes a kitchen and bath showroom branded as Atlantis Bath Centre. Yorkwest’s business operations will be integrated into Ferguson’s subsidiary in Canada, Wolseley Canada.
  • Grove Supply, headquartered north of Philadelphia, is a plumbing and HVAC distributor that serves the residential trade, builder and remodel markets. Grove Supply has 17 locations across Pennsylvania and New Jersey, and six of the locations include showrooms that operate as GSI Bath Showplace.

The acquisition of Grove Supply — which is expected to close in the next 90 days, subject to customary closing conditions, along with Yorkwest — expands Ferguson’s plumbing and HVAC presence in Metro Philadelphia and will allow the company to better serve local dual-trade professionals, Ferguson officials said.

  • Harway Appliances is a distributor of high-end kitchen appliances for homeowners, custom home builders and designers in Austin, TX.

The acquisition of Harway “strengthens [Ferguson’s] showroom presence in one of the fastest-growing markets in the country and offers an opportunity for further expansion into the plumbing and lighting categories.” It also grows the delivery and installation capabilities in Austin through Harway’s network of both in-house and third-party delivery and installation teams.

Another trio of deals announced by Ferguson in August 2023 was that year’s most-read news story on MDM.com, and it has yet to budge from the top spot.

READ MORE: MDM’s 2023 M&A Recap: A Mega Year in Dealmaking Activity (Premium)

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