Advent
Operating Partner Chip Hornsby, former chief executive officer of Wolseley plc, will join Morrison as CEO.
Global
private equity firm
Advent International has closed a
significant majority investment in plumbing and HVAC distributor
Morrison Supply Co.,
No. 16 on
Supply House Times’ 2011 Premier 150 rankings.
Morrison Supply will use Advent’s expertise in the industrial sector to expand
its presence in the $60 billion U.S.
plumbing and HVAC supply market and enhance its leadership position in the
southwestern United States.
Advent
Operating Partner
Chip Hornsby will join the
company as chief executive officer. Hornsby is the former CEO of Wolseley plc
(parent company of Ferguson Enterprises).
Scott Sangalli,
Morrison’s former CEO and principal owner for the past 25 years, will continue
as an investor in the company.
“Morrison’s
core strength is the quality of its people,” Hornsby said. “And we believe this
transaction will be very positive for our employees, as the company’s expansion
should lead to new and exciting opportunities for our people and their
families. Equally, our vendor partners and customers stand to gain from our
growth and financial strength.”
Darrell
Hawkins and
Charlie Allen will
continue in their roles as president and chief financial officer, respectively,
and remain investors in the company.
Advent
Operating Partner
Wes Clark will join the company
as nonexecutive chairman. Clark is the former
president and chief operating officer of industrial maintenance and repair
distributor W.W. Grainger.
Advent
has been an active investor in building products, distribution and construction
supply for more than 20 years, and has invested in more than 20 companies in
these sectors.
Source:
Advent International.Links
