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CORE & MAIN, INC.

(CNM)
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Core & Main : Signs Definitive Agreement to Acquire CES Industrial Piping Supply

09/15/2021 | 05:30pm EDT

Acquisition to Expand HDPE Products and Services

Core & Main, Inc. (NYSE: CNM) (together with its subsidiaries, “Core & Main”), a leading specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, announced today that it has entered into a definitive agreement to acquire substantially all of the assets of CES Industrial Piping Supply, a full service provider of HDPE (high-density polyethylene) products and services, based in Kansas City, Missouri.

“A full-service provider like CES Industrial Piping aligns with the dependable expertise we offer in fusible HDPE, which is a growth area for us. The team in Kansas City offers a one-stop shop for HDPE products, fabrication and installation, a complete package that gives customers confidence in adopting a new product,” said Steve LeClair, chief executive officer of Core & Main.

Core & Main currently serves the Kansas City region from its locations in Blue Springs, Missouri and Olathe, Kansas.

“We’re excited to expand our HDPE presence in the Kansas City area by bringing CES Industrial Piping Supply into the Core & Main family,” said Jack Schaller, president of Core & Main Waterworks. “They are a team to count on and the proof is in the quality of their field work and loyalty of their customers.”

Greg Smith, owner of CES Industrial Piping Supply, said, “I’m immensely proud of the success our team has achieved and all we have accomplished at CES Industrial Piping Supply. We are thrilled that the Core & Main team shares our commitment to providing a family-oriented culture with a focus on exceeding customer expectations. We are eager to work with the local Core & Main teams to enhance our product and service offering, and gain access to an even broader customer base and larger product portfolio.”

Founded in 1997, CES Industrial Piping Supply offers a full line of HDPE pipe, fittings and fusion machines. The team serves such markets as industrial, oil and gas, water, wastewater, wind energy, landfill, mining, environmental and power plants.

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. With more than 285 locations, the company provides its customers local expertise backed by a national supply chain. Core & Main’s 3,700 associates are committed to helping their communities thrive with safe and sustainable infrastructure. Visit coreandmain.com to learn more.

Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Core & Main’s financial and operating outlook, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.


© Business Wire 2021
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Financials (USD)
Sales 2022 4 660 M - -
Net income 2022 153 M - -
Net Debt 2022 1 270 M - -
P/E ratio 2022 40,7x
Yield 2022 0,45%
Capitalization 4 018 M 4 018 M -
EV / Sales 2022 1,13x
EV / Sales 2023 1,05x
Nbr of Employees 3 700
Free-Float 65,1%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 25,10 $
Average target price 31,31 $
Spread / Average Target 24,7%
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Managers and Directors
Stephen O. LeClair Chief Executive Officer & Director
Mark R. Witkowski Chief Financial Officer
James G. Berges Chairman
Carrie Busbee Chief Information Officer
James G. Castellano Director
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