Advent International has agreed to sell MORSCO, a U.S. distributor of plumbing products, waterworks materials, and heating and cooling equipment, to Reece Limited, a similar leading distributor in Australia. Reece will acquire MORSCO for US$1.44 billion in cash. Reece intends to operate MORSCO separately from its businesses in Australia and New Zealand, with the existing MORSCO management team remaining in place under the leadership of CEO Chip Hornsby.
MORSCO is a private company owned by Advent since November 2011 and led by a team of industry veterans. Today the company has 171 branches in 16 states, with coast-to-coast coverage of the fast-growing Sun Belt region of the U.S.