M&A Deal Summary

Reece Acquires MORSCO

On May 7, 2018, Reece acquired distribution company MORSCO from Advent International for 1.4B USD

Acquisition Highlights
  • This is Reece’s 1st transaction in the Distribution sector.
  • This is Reece’s largest (disclosed) transaction.
  • This is Reece’s 1st transaction in the United States.
  • This is Reece’s 1st transaction in Texas.

M&A Deal Summary
Date 2018-05-07
Target MORSCO
Sector Distribution
Buyer(s) Reece
Sellers(s) Advent International
Deal Type Add-on Acquisition
Deal Value 1.4B USD
Advisor(s) Barclays Investment Bank
RBC Capital Markets (Financial)
Weil Gotshal & Manges (Legal)

Target

MORSCO

Forth Worth, Texas, United States
website
MORSCO, Inc. is a wholesale distributor of plumbing, HVAC, and builder products in the Southwest. Sovos Brands is a new kind of food and beverage company with a mission to acquire and build one-of-a-kind brands. Its portfolio includes Michael Angelo’s Gourmet Foods, a leading producer of premium, authentic frozen Italian entrées, and Rao’s Specialty Foods, a producer of super premium pasta sauce and other Italian specialty foods. Founded in 1917, Morrison now operates approximately eighty locations in Texas, New Mexico, Oklahoma, Kansas, and Louisiana.

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Buyer(S) 1

Buyer

Reece

Burwood, Australia

website

Category Company
Founded 1920
Sector Building Materials
Employees8,000
Revenue 6.0B AUD (2020)
DESCRIPTION

Reece is a distributor of plumbing, waterworks, and HVAC products in Australia. Reece Ltd. operates Australia's largest plumbing and bathroom supplies business, as well as 8 others in allied industries. Reece Ltd. expanding into fresh areas, developing new technologies and systems and pioneering innovative products. Reece was founded in 1920 and is based in Burwood, Australia.

DEAL STATS #
Overall 1 of 2
Sector (Distribution) 1 of 2
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 2
Year (2018) 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-09 Todd Pipe & Supply

Anaheim, California, United States

Todd Pipe & Supply Co. engages in wholesale distribution of hydronic plumbing and heating equipment and supplies. Todd Pipe & Supply Co. is a strong and well-known business, with six branches in attractive growth areas.

Buy $160M

Seller(S) 1

SELLER

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 76.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 169 of 209
Sector (Distribution) 4 of 5
Type (Add-on Acquisition) 65 of 79
State (Texas) 4 of 6
Country (United States) 60 of 76
Year (2018) 1 of 9
Size (of disclosed) 9 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-17 Zentiva

Prague, Czech Republic

Zentiva is a generics pharmaceutical company, offering generic medicines across all key therapeutic areas. Zentiva is headquartered in Prague, Czech Republic.

Buy €1.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-04 Ammeraal Beltech

Heerhugowaard, Netherlands

Ammeraal Beltech is a manufacturer, distributor and services conveyor belts for a diverse range of applications in light industries, including food processing, automotive, logistics and textiles. Ammeraal Beltech was founded in 1964 and is based in Heerhugowaard, Netherlands.

Sell -
Mergr

Product

Company

Legal