Fortiline Waterworks announced Sept. 14 it has signed a definitive agreement to be acquired by MORSCO, Inc. as its waterworks distribution platform.
Fortiline Waterworks, headquartered in Concord, N.C., is one of the largest wholesale distributors of underground water, sewer and storm utility products in the United States. Founded in 1997, it distributes more than 75,000 SKUs to a diverse base of more than 4,500 contractor, developer and municipal customers through a network of 42 branches in 12 states in the Southeast, Mid-Atlantic and Midwest.
Mike Swedick will remain president and CEO of Fortiline, which will continue to operate as a standalone company, responsible for waterworks supplies distribution inside of MORSCO.
“On behalf of all the employees at Fortiline, we are extremely proud and excited to have signed an agreement to join the MORSCO family,” Swedick said. “Our experience in dealing with the management team at MORSCO has been wonderful; I have learned that we have similar cultures and values, which will make this transition seamless. We very much look forward to continuing to build our waterworks platform while collaborating with the leadership team at MORSCO to build a world class distribution company.”
Chip Hornsby, CEO of MORSCO, commented: “We are extremely excited to be partnering with Fortiline. Since the purchase of Morrison Supply Company in November 2011, our intent was to become a world-class distributor in plumbing, HVAC and waterworks. In less than five years, we have expanded coast to coast through acquisitions and organic growth primarily in plumbing and HVAC. The addition of Fortiline as a standalone waterworks business under the leadership of Mike Swedick further demonstrates our commitment to the waterworks industry.”
The closing of the deal is expected to occur by Oct. 31, is subject to various conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Act. Until the consummation of the transaction, MORSCO and Fortiline will remain independent companies.