FLOWORKS acquired by FERGUSON

Ferguson Enterprises agreed in July 2026 to acquire FloWorks, a Houston-based industrial distributor of highly technical valves and flow control solutions, from Wynnchurch Capital for in cash. Wynnchurch had held a majority stake since 2023, when it bought the company from Clearlake Capital; the sale to a strategic buyer ends that holding period, and the completion was subsequently confirmed. Ferguson put the consideration at approximately 10x last twelve months adjusted EBITDA including expected savings of about $45m from network optimisation, logistics and technology, and said its net debt to adjusted EBITDA would stay within its 1 to 2x target range after closing. FloWorks revenue of supports an EV/revenue multiple of . The buyer said the purchase expands its specialty industrial flow control platform and its exposure to data centres, semiconductors, power generation and pharmaceuticals, and is expected to be immediately accretive to adjusted EPS. Kevin Murphy, Ferguson's chief executive, said the business adds capabilities and geographic coverage that can be used across its non-residential customer groups. J.P. Morgan Securities acted as exclusive financial advisor to Ferguson, with J.P. Morgan Chase Bank providing committed financing; Orrick, Herrington & Sutcliffe provided legal counsel and Kirkland & Ellis advised on the financing. The transaction was expected to close in the third quarter of 2026 subject to regulatory approvals.