Global private equity firm Advent International, has acquired a majority stake in Morrison Supply Company, Fort Worth, TX, a distributor of plumbing and HVAC supplies. Chip Hornsby, an Advent operating partner and former CEO of Wolseley, will join Morrison as CEO.
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Terms of the transaction were not disclosed.
Morrison Supply will utilize Advent's expertise in the industrial sector to expand its presence in the U.S. plumbing and HVAC supply market. The company currently has 77 branches and showrooms, located in Texas, New Mexico, Oklahoma, Louisiana, Arkansas and Kansas
Scott Sangalli, Morrison’s former CEO and principal owner for the past 25 years, will continue as an investor in the company.
"With Advent’s support, Chip’s leadership and our great people, Morrison Supply has a rock-solid foundation upon which to build its existing business and continue to provide industry leading service to our customers," Sangalli said. "Morrison will also be in a position to acquire businesses and broaden its footprint. After weathering the historic construction downturn, we can now look forward to a period of expansion.”
Darrell Hawkins and Charlie Allen will continue in their roles as president and chief financial officer, respectively.
