Reece Group Signs Agreement to Acquire MORSCO

Fort Worth, TX – (May 7, 2018) – Today, MORSCO has announced that Australia’s leading provider of Plumbing, HVAC and Waterworks products, Reece Group, has entered into a binding agreement to acquire MORSCO.

Founded in 1920, Reece Group is listed on the Australian Securities Exchange (ASX) and has more than 5,300 employees throughout 600 branches in Australia and New Zealand, servicing the plumbing, bathroom, building, civil, irrigation, heating, air conditioning and refrigeration industries.

MORSCO Chief Executive Officer, Chip Hornsby, said: “The Reece track record of innovation is truly world class and their customer offer is second to none. We can’t think of a better home for MORSCO”.

“Our team is very much looking forward to the opportunity to join forces with a successful, strategic, long‐term industry player and we believe there will be many opportunities for cross‐pollination of ideas and talent over the years ahead,” he said.

Reece Group Chief Executive Officer, Peter Wilson, said: “We’re excited to be entering a long‐term partnership with MORSCO to invest in the growth of their business in the local US market. It's a market that’s forecast to grow at twice the rate of the local Australian market and it is currently about eight times the size”.

“By working with this experienced local team led by Chip Hornsby – we are writing the next chapter of Reece’s growth for the benefit of our team, our customers, our suppliers and the long‐term wealth generation of our shareholders,” he said.

MORSCO is a leading U.S. distributor of commercial and residential plumbing, waterworks and HVAC supplies. The company was founded in Fort Worth, Texas, and is now one of the fastest growing in its market. MORSCO is a private company sponsored by Advent International and led by a team of industry veterans. The MORSCO family of brands consists of Express Pipe & Supply Co. (CA); Farnsworth Wholesale Supply (AZ); Morrison Supply Company (TX, OK, NM, KS); Murray Supply Company (NC, SC); Wholesale Specialties (CO), DeVore & Johnson (GA); Fortiline Waterworks (AL, AZ, FL, GA, KS, KY, NC, OH, OK, SC, TN, TX, VA) and MORSCO’s premier showroom offering in these markets, Expressions Home Gallery.

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