NEWPORT NEWS, Va., Oct. 9, 2012 (GLOBE NEWSWIRE) -- Ferguson Enterprises, Inc. (Ferguson), the largest wholesale plumbing distributor in the U.S., has acquired Davis & Warshow, Inc., metro New York's leading residential and commercial plumbing supplier, in a stock transaction completed last week. The 87-year-old company is headquartered in Maspeth, NY, and operates eight wholesale and seven showroom locations. It will continue to conduct business under the Davis & Warshow name with the existing management team remaining in place. The addition signals Ferguson's entry into the highly competitive New York market where Davis & Warshow has enjoyed a solid foothold since opening its original Lower East Side storefront.
"Ferguson and Davis & Warshow share the same primary focus – providing outstanding service and creating loyal customers," said Davis & Warshow CEO Frank Finkel. "We will continue to operate our business the same way we always have and expect to increase our service level even further with the vast resources of Ferguson behind us."
Ferguson CEO Frank Roach commented, "The acquisition of a long-standing, well-respected distributor such as Davis & Warshow allows us to enter the New York City metropolitan area with a solid platform for growth and expansion." With another addition to its portfolio earlier this year, Davis & Warshow is Ferguson's sixth acquisition over the past 14 months. Ferguson ended the 2012 fiscal year with sales of $9.7 billion, an increase of 10 percent over last year.
In 2006, Davis & Warshow became employee-owned, adopting a 100% Employee Stock Ownership Plan (ESOP). In that time, Finkel and his son, David, who is president & COO, have remained at the helm and represent, respectively, the third and fourth generation of family descended from one of the founders, Bernard Davis. He partnered with Louis Warshow to open the modest plumbing supply business just as New York City was emerging as a major metropolitan center. The company weathered the Depression and other building booms and busts, demonstrating its resilience, vision and integrity throughout the decades.
"We've built a solid foundation for the future," added David Finkel. "The benefits of this transaction for our employee owners give us great satisfaction. We anticipate continued growth and success in the years to come."
Ferguson (www.ferguson.com) is the largest wholesale distributor of residential and commercial plumbing supplies and pipe, valves and fittings in the U.S. The company is also a major distributor of HVAC/R equipment, waterworks and industrial products and services. Founded in 1953 and headquartered in Newport News, Va., Ferguson has sales of $9.7 billion and approximately 18,000 associates in almost 1,300 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico and the Caribbean. Ferguson is part of Wolseley plc (www.wolseley.com), which is listed on the London Stock Exchange (LSE:WOS) and on the FTSE 100 index of listed companies.
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CONTACT: Christine Dwyer Ferguson, 757.969.4175 Lisa Jasper/Esther Perman VP+C, 212.966.3759