We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.

logo
  • Engineers & Specifiers
  • Contractors & Installers
  • Wholesalers & Distributors
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Free Subscription
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • PRODUCTS
    • Bath & Kitchen
    • Fire Protection
    • HVAC
    • Hydronics/Radiant
    • Plumbing
    • PVF
    • Tools
  • PROJECTS
    • Commercial
    • Green Building
    • MRO/Retrofit
    • Remodeling
    • Residential
  • HOW TO
    • Design
    • Fire Protection
    • Legal Matters
    • Management
  • BUSINESS
    • Buying Groups
    • Technology
    • Associations
  • CODES & STANDARDS
    • ANSI
    • ASHRAE
    • ASSE
    • Regulations
    • Green Building
    • IAPMO
    • ICC
    • NFPA
  • RESOURCES
    • Media Kit
    • Advertise
    • Contact Us
    • Classifieds
    • Digital Editions
    • Behind the Wall
    • Webinars
  • BUYER'S GUIDE
  • DIGITAL EDITIONS
Home » Australian Firm Buys MORSCO for $1.44 Billion

Australian Firm Buys MORSCO for $1.44 Billion

May 7, 2018
No Comments
Australian Firm Buys MORSCO for $1.44 Billion

Reece Group, Australia’s leading provider of plumbing, HVAC and waterworks products, will acquire MORSCO for $1.44 billion.

Founded in 1920, Reece Group is listed on the Australian Securities Exchange and has more than 5,300 employees throughout 600 branches in Australia and New Zealand, servicing the plumbing, bathroom, building, civil, irrigation, heating, air conditioning and refrigeration industries.

“The Reece track record of innovation is truly world class and their customer offer is second to none,” said Chip Hornsby, MORSCO CEO. “We can’t think of a better home for MORSCO. Our team is very much looking forward to the opportunity to join forces with a successful, strategic, long-term industry player and we believe there will be many opportunities for cross-pollination of ideas and talent over the years ahead.”

According to the Financial Review, Reese CEO Peter Wilson had run out of acquisition opportunities in Australia because it is the No.1 player in its industry. Meanwhile, growth rates in the U.S. plumbing market are running at twice the rate of Australia.

"It has a strong platform across the sunbelt states,” Wilson said. “It's in the growth states." Reece said he had been studying the U.S. market for 10 years and had been talking with MORSCO and equity firm Advent for two years. Serious due diligence had begun in January.

 

Contractors & Installers Wholesalers & Distributors
  • Related Articles

    MORSCO HVAC Acquires Bush Supply

    Anderson Plumbing, Heating & Air Buys The Eco Plumbers

    Rheem Buys Calorex, Cifunsa and American Standard Water Heaters Brands from GIS

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular

  • Louisville Water Uncovers Ancient Check Valve Dating Back to the 1870s

  • Brooke Chase Associates Recruits Dale Fields as CEO, USA for Jmatek

  • Merit Brass Co. Acquires Supply Source Products

  • F.W. Webb Customer Throws First Pitch at Red Sox Game

Featured Video

Merit video june

Merit Brass Merit Press Technology in Copper & Stainless to Save You Time & Money

Industry Events

  • 09Aug

    PVF Roundtable Q3 Networking Meeting

    Houston , TX
  • 08Sep

    SFPE Forum on Fire Protection Engineering: Challenges in Storage

    Wheeling, IL
  • 11Sep

    IAPMO 93rd Annual Education and Business Conference

    Charlotte, NC
More Events

Subscribe to our newsletters & stay updated

Subscribe & Learn More

  • Tw06 2022 cover
    Learn More
  • Pe06 2022 cover
    Learn More
  • Phc06 2022 cover
    Learn More
  • Es07 2020
    Learn More
Subscribe

More from PHCP Pros

  • Editorial Team
  • Home
  • Contact Us
  • About
  • Advertise

Follow Us

© 2022 All Rights Reserved

Design, CMS, Hosting & Web Development | ePublishing