Ferguson acquires Summit Pipe and Supply
Grows footprint in the southeastern US waterworks market
NEWPORT NEWS, VA - Ferguson announces the acquisition of Summit Pipe and Supply Co. Inc. and Summit Pipe and Supply Company of Mississippi, Inc. (collectively, "Summit") in an asset transaction completed Dec. 31, 2010. Summit is a waterworks distributor with three locations in Northport and Wetumpka, Ala. and Jackson, Miss.
"Summit is a market leader with very talented associates that will be a tremendous asset to Ferguson as we grow our waterworks footprint in this region," said Ferguson CEO Frank Roach. "Strong vendor alignment coupled with the ability to add continuous territory, filling in between our existing Florida and Baton Rouge Ferguson Waterworks locations, made this an attractive acquisition."
Summit was founded in 2001, by brothers Doug and Mark Pugh. Doug will continue as the Tuscaloosa branch manager and Mark will serve as the area's sales manager. All former Summit locations will operate as satellite locations of the Ferguson Santa Rosa, Fla., branch under the leadership of Ferguson General Manager George Wainwright. Nick Patterson also will remain as a branch manager in Jackson, Miss.
"Ferguson's philosophy of taking care of their customers and associates aligns perfectly with our long-standing commitment to do 'Whatever it Takes' for our customers," explained Doug Pugh. "We are confident that this transaction will only improve the level of service we are able to provide to our loyal customers."
Wolseley recently announced Ferguson's first quarter results, showing sales growth in all Ferguson business units. Ferguson's revenue was 10 percent ahead of last year. Demand in Residential and RMI markets continued to improve, and the business made good progress in the Industrial and Waterworks sectors.