M&A Deal Summary

Ferguson Waterworks Acquires RP Lighting + Fans

On January 12, 2022, Ferguson Waterworks acquired distribution company RP Lighting + Fans from Fulton Capital and Midwest Mezzanine Funds

Acquisition Highlights
  • This is Ferguson Waterworks’ 36th transaction in the Distribution sector.
  • This is Ferguson Waterworks’ 52nd transaction in the United States.
  • This is Ferguson Waterworks’ 1st transaction in New Mexico.

M&A Deal Summary
Date 2022-01-12
Target RP Lighting + Fans
Sector Distribution
Buyer(s) Ferguson Waterworks
Sellers(s) Fulton Capital
Midwest Mezzanine Funds
Deal Type Add-on Acquisition
Advisor(s) TM Capital Corp. (Financial)

Target

RP Lighting + Fans

Albuquerque, New Mexico, United States
RP Lighting + Fans is a distributor of ceiling fans, electrical wiring devices, and lighting fixtures used predominantly in multi-family housing complexes and other related end markets. Royal Pacific was founded in 1990 and is based in Albuquerque, New Mexico.

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Buyer(S) 1

Buyer

Ferguson Waterworks

Newport News, Virginia, United States
Category Company
Founded 1953
Sector Distribution
Employees1,900
DESCRIPTION

Ferguson is a diverse wholesale distributor with operations spanning multiple business groups. The company is ranked by trade publications as the largest wholesale distributor of residential and commercial plumbing supplies and pipe, valves and fittings(PVF) in the US. It is also the fourth largest distributor of heating and cooling equipment (HVAC/R) and the second largest company within the waterworks industry.

DEAL STATS #
Overall 52 of 52
Sector (Distribution) 36 of 36
Type (Add-on Acquisition) 49 of 49
State (New Mexico) 1 of 1
Country (United States) 52 of 52
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-18 The Kitchen Showcase

Centennial, Colorado, United States

The Kitchen Showcase is a kitchen and bath design center, providing design services, procurement, and installation of cabinets and hardware, as well as procurement of countertops and appliances for kitchen, bath, outdoor living, and other home applications. With more than 18,000 square feet of state-of-the-art showroom and warehouse space, TKSI serves homebuilders, remodeling contractors, and homeowners across the the Front Range of Colorado. TKSI’s market leadership is built on a customer-centric culture of accountability, and powered by technology-enabled infrastructure and proprietary software that deliver superior results. The Kitchen Showcase was formed in 1984 and is based in Centennial, Colorado.

Buy -

Seller(S) 2

SELLER

Fulton Capital

Northbrook, Illinois, United States
Category Private Equity Firm
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Fulton Capital is a private equity firm small to mid-sized companies with revenues between $10 and $100 million. Prospective companies are profitable with a minimum EBITDA of $2 million and up to $10 million. Fulton looks for control investment situations and prefers opportunities located in the US. Sectors of interest include niche manufacturing, logistics, distribution, and service. Fulton Capital is based in Chicago, Illinois.

DEAL STATS #
Overall 5 of 5
Sector (Distribution) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (New Mexico) 1 of 1
Country (United States) 5 of 5
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Urban Surfaces

Corona, California, United States

Urban Surfaces is a provider of flooring to the multi-family and single-family housing markets. Urban Surfaces sells luxury vinyl and stone plastic composite flooring to property management companies, flooring contractors, and retailers. Urban Surfaces is based in Corona, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-07 AFx

Waukegan, Illinois, United States

AFx designs, assembles, and distributes lighting fixtures that serve the contemporary and decorative lighting markets for lite commercial and residential installations. AFx is based in Waukegan, Illinois.

Buy -
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.

DEAL STATS #
Overall 49 of 56
Sector (Distribution) 5 of 5
Type (Add-on Acquisition) 20 of 24
State (New Mexico) 1 of 1
Country (United States) 48 of 55
Year (2022) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-17 ICAT Logistics

Elkridge, Maryland, United States

ICAT Logistics is a specialty provider of global transport logistics and expedited freight services. ICAT Logistics was established in 1993 and is based in Elkridge, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-26 P3 Services

Auburn, Washington, United States

P3 Services is a provider of plumbing installation and maintenance and repair services to the multi-family, light commercial, and single-family end markets with operations in Austin, Charlotte, Dallas, Houston, San Antonio, and Seattle. P3 Services was founded in 1985 and is based in Auburn, Washington.

Sell -
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