PE-backed Morsco buys Fortiline Waterworks

Morsco, a portfolio company of Advent International, has acquired Fortiline Waterworks. Financial terms weren’t announced. CHS Capital is the seller. Concord, North Carolina-based Fortiline is a wholesale distributor of underground water, sewer and storm utility products in the United States. BB&T Capital Markets advised Fortiline.

Correction: A prior version of this story incorrectly said BB&T advised Morsco. They advised Fortiline.

PRESS RELEASE

On October 31, 2016, Fortiline Waterworks (“Fortiline” or the “Company”), a portfolio company of CHS Capital, was acquired by MORSCO, a portfolio company of Advent International. BB&T Capital Markets served as financial advisor to Fortiline.
Fortiline Waterworks
Headquartered in Concord, N.C., Fortiline is one of the largest wholesale distributors of underground water, sewer and storm utility products in the United States. Founded in 1997, Fortiline 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.
CHS Capital
CHS Capital is a Chicago-based private equity firm with over 25 years of experience investing in the middle market. Through partnerships with strong management teams, CHS Capital aims to accelerate earnings growth and drive value creation through human capital initiatives, performance improvement actions and strategic growth activities. Throughout its history, CHS Capital has made investments in over 400 businesses and invested $2.9 billion of capital.
MORSCO
MORSCO is a leading U.S. distributor of commercial and residential plumbing and HVAC supplies. The company was founded nearly 100 years ago in Fort Worth, Texas, and is now one of the fastest growing companies in its market. The MORSCO family of operating units consists of Express Pipe & Supply (CA), Farnsworth Wholesale Company (AZ), Morrison Supply Company (TX, OK, NM, LA, KS), Murray Supply Company (NC, SC, VA), Wholesale Specialties (CO), DeVore & Johnson (GA), and Expressions Home Gallery.
Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. With offices on four continents, Advent has established a globally integrated team of over 180 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom.