Ferguson to acquire FloWorks for $1.6B, expanding TAM to $400B

Ferguson Enterprises Inc. /DE/

Enterprise value of $1.6B; acquisition multiple ~10x LTM Adj. EBITDA including ~$45M expected synergies.
FloWorks generated ~$1B revenue in 2025; adds 60+ locations in US and Canada serving chemicals, refining, semiconductors, pharma, datacenters.
Transaction expected to close in Q3 2026, subject to customary conditions and regulatory approvals.
Deal is immediately accretive to Adjusted EPS; Ferguson expects to remain within 1-2x net debt/EBITDA range.
Acquisition expands non-residential capabilities in valves, valve automation, and specialty flow control solutions.

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