George Fisher, a longtime general manager at Ferguson Enterprises, has purchased one of his former competitors, Barrett Supply Co.
It marks the first time that Barrett, based in Augusta, Georgia, will no longer be helmed by a member of the family that started the PVF supply house nearly a century ago.
“I don’t think anybody would do a better job than George – I honestly mean that,” Matt Barrett told The Augusta Chronicle.
Financial terms of the sale, which was finalized on Jan. 3, were not disclosed. However, Barrett and Fisher said the deal includes all accounts, inventory and intangible assets – including the company’s 95-year-old name. Fisher also will have an option to purchase the company’s 2 ¼-acre warehouse and distribution facility following a five-year lease.
The deal also includes a 50 percent stake in Barrett’s well-water pressure regulator device, the Barrett Pump Stop.
Matt’s grandfather, F. Madison Barrett, started the company and sold the famed Augusta National Golf Course, its first irrigation system.
Fisher, originally from North Carolina, came to the Augusta area to join Ferguson in 1988. Barrett, 66, said he decided to retire to spend more time on his hobbies, which include traveling with his family and working on his Model A Ford.
More details here.