CD&R-backed Core & Main sets IPO pricing terms

Core & Main Inc, a provider of water, wastewater, storm drainage and fire protection products, has priced its IPO of nearly 35 million shares between $20 and $23 per share.

Core & Main Inc, a provider of water, wastewater, storm drainage and fire protection products, has priced its IPO of nearly 35 million shares between $20 and $23 per share. The stock will trade on the New York Stock Exchange under the ticker symbol “CNM.” Goldman Sachs & Co. LLC, Credit Suisse and J.P. Morgan are the lead underwriters. Core & Main is backed by Clayton, Dubilier & Rice.

PRESS RELEASE

ST. LOUIS–(BUSINESS WIRE)–Core & Main, Inc. (“Core & Main”), a leading specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, announced it has launched the roadshow for its initial public offering (the “IPO”) of 34,883,721 shares of its Class A common stock pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (“SEC”). The IPO price is currently expected to be between $20.00 and $23.00 per share. Core & Main expects to grant the underwriters a 30-day option to purchase up to an additional 5,232,558 shares of its Class A common stock at the IPO price, less underwriting discounts and commissions.

Core & Main has been authorized to list its Class A common stock on the New York Stock Exchange under the ticker symbol “CNM”.

Goldman Sachs & Co. LLC, Credit Suisse and J.P. Morgan are acting as lead book-running managers for the proposed offering. BofA Securities, Baird, Citigroup, RBC Capital Markets, Barclays and Deutsche Bank Securities are acting as additional book-running managers.

The offering is being made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com;
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: 1-800-221-1037, or by emailing usa.prospectus@credit-suisse.com; or
J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Core & Main
Based in St. Louis, Core & Main is a leading specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets nationwide. Core & Main’s specialty products and services are used in the maintenance, repair, replacement and construction of water and fire protection infrastructure.