Move provides entry into the New York City residential and commercial plumbing market.
Ferguson Enterprises, the United States’ largest plumbing distributor, officially acquired long-standing New York City wholesaler Davis & Warshow in a stock transaction. Davis & Warshow will continue to conduct business under its own name at its eight wholesale and seven showroom locations with its management team staying intact.
The acquisition is Ferguson’s entry into the very competitive New York City market, a market where Davis & Warshow has thrived since opening its first location 87 years ago in the Lower East Side. Notably, Supply House Times named Davis and Warshow its 2009 Showroom of the Year winner in the 2,500-9,999-sq.-ft. showroom size category.
"The acquisition of a long-standing, well-respected distributor such as Davis & Warshow allows us to enter the New York City metropolitan area with a solid platform for growth and expansion,” said Ferguson CEO Frank Roach.
This is Ferguson’s sixth acquisition over the past 14 months. Last week, Ferguson reported sales of $9.7 billion in the 2012 fiscal year - a 10% increase over 2011. Read here for the story.
Davis & Warshow CEO Frank Finkel says his company will be able to grow with the backing of like-minded company Ferguson. “Ferguson and Davis & Warshow share the same primary focus - providing outstanding service and creating loyal customers,” Finkel said. “We will continue to operate our business the same way we always have and expect to increase our service level even further with the vast resources of Ferguson behind us.”
Back in 2006, Davis & Warshow adopted a 100% Employee Stock Ownership Plan and since then Finkel and his son, David, who is company president and COO, have run the company as third and fourth generation leaders. Davis & Warshow was founded by Bernard Davis and he joined forces with Louis Warshow to open a modest plumbing supply business as New York City emerged as a major metropolitan area.
“We’ve built a solid foundation for the future,” said David Finkel. “The benefits of this transaction for our employee owners give us great satisfaction. We anticipate continued growth and success in the years to come.”
Source: Ferguson
