Morsco Acquires Fortiline Waterworks
November 1, 2016
MORSCO, Inc. a Fort Worth-based distributor of commercial and residential plumbing products, heating and cooling equipment, and pipe, valves and fittings (PVF), has acquired Fortiline Waterworks, a portfolio company of CHS Capital LLC and one of the largest waterworks distributors in the United States, as its waterworks distribution platform.
MORSCO, a portfolio company of global private equity firm Advent International, is a leading U.S. distributor of commercial and residential plumbing and HVAC supplies. MORSCO is one of the fastest growing companies in its industry with 140+ branch locations, more than $1 billion in sales and over 2,000 associates in 12 states. Advent made a significant new equity investment to support the acquisition.
Mike Swedick remains President and CEO of Fortiline, which continues to operate as a standalone company, responsible for waterworks supplies distribution inside of MORSCO.
Chip Hornsby, CEO of MORSCO, commented, “One of our biggest goals of 2016 was to continue to expand our footprint in the Sunbelt region of the United States. With recent acquisitions in North Carolina and Georgia along with the Fortiline acquisition, we now have a presence in 17 states. The addition of Fortiline as a standalone waterworks business under the leadership of Mike Swedick further demonstrates our commitment to the waterworks industry and to being a leader in the markets we serve. Fortiline brings a highly experienced leadership team possessing a track record of growth, operational excellence and superior customer service to the MORSCO family.”
Fortiline, the third-largest waterworks distributor in the U.S., significantly enhances MORSCO’s market position and provides MORSCO’s vendors and customers with greater opportunities. The acquisition further diversifies MORSCO in terms of geographies, end markets and products.
“We are excited to join the MORSCO family and know that our similar cultures and values will allow for a relationship that will enable both companies to continue to thrive and grow,” said Mike Swedick, Fortiline President and CEO. “We look forward to continuing to build our waterworks platform while collaborating with the leadership team at MORSCO to build a world-class distribution company. Similar to MORSCO, we plan to strategically grow our presence in our existing markets while looking to enter new markets throughout the Southeast.”
MORSCO plans to convert a select number of Morrison Supply Company’s waterworks branches to Fortiline stores to leverage Fortiline’s vendor and customer relationships. MORSCO and Fortiline will work together to expand product lines in existing branches as well as in new locations.