Littlejohn & Co. to Sell Dana Kepner to Core & Main

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01/30/2024 - 04:24 PM

GREENWICH, Conn.--(BUSINESS WIRE)-- Littlejohn & Co. LLC (“Littlejohn”), a private investment firm based in Greenwich, CT, today announced that it has entered into a definitive agreement to sell Dana Kepner Company, LLC, (“Dana Kepner” or the “Company”), a premium supplier of water works material and services serving municipalities and contractors, to Core & Main Inc. (“Core & Main”) (NYSE: CNM).

Based in Denver, Colorado and founded in 1933, Dana Kepner is a leading water and wastewater distributor serving eight states. Through its network of nineteen branches, the Company combines local knowledge and an extensive product portfolio to serve its customers’ water delivery, metering, and sewer needs across the complete waterworks supply chain. Under Littlejohn’s ownership, the Company has completed two strategic acquisitions, invested in people and systems to scale the organization, and nearly doubled revenue.

Steven Raich, Managing Director at Littlejohn, said, “We are proud to have supported the development and growth of Dana Kepner’s business over the last three years. The Company remains well positioned to capitalize on multiple in-flight initiatives to extend the Company’s long track record of above-market growth. We want to thank CEO Dave Wickett for his 40 years of service to the Company and the 200+ members of Dana Kepner’s workforce for their dedication in building Dana Kepner into one of the premiere waterworks distribution brands in the industry. We wish them continued success in partnership with Core & Main.”

Dave Wickett, Chief Executive Officer at Dana Kepner, said, “Littlejohn has deep knowledge of scaling distribution businesses and their team’s close partnership with our management team has been invaluable. We are grateful for their support and look forward to our next chapter with Core & Main as we continue to identify avenues to accelerate growth, expand career opportunities for our talented workforce and enhance the value we provide to our customers and partners.”

The acquisition is subject to regulatory approval and other customary closing conditions.

Houlihan Lokey, Inc. and Sheppard, Mullin, Richter & Hampton LLP served as advisors to Littlejohn on this transaction.

About Littlejohn & Co., LLC:

Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments in middle market companies. With approximately $8 billion in regulatory assets under management, the firm seeks to build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit www.littlejohnllc.com.