Chip Hornsby To Lead Morrison Supply
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.