Wynnchurch Capital Announces $1.6 Billion Sale of FloWorks to Ferguson Enterprises

Ferguson Enterprises (NYSE: FERG; LSE: FERG) will acquire FWI Holdings (FloWorks) from Wynnchurch Capital under a definitive agreement valuing FloWorks at an enterprise value of approximately $1.6 billion in an all-cash transaction.

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ROSEMONT, Ill.--(BUSINESS WIRE)-- Wynnchurch Capital, L.P. (“Wynnchurch”), a leading middle market private equity firm, today announced it has entered into a definitive agreement to sell FWI Holdings, Inc. (“FloWorks” or the “Company”) to Ferguson Enterprises, Inc. (NYSE: FERG; LSE: FERG). The cash transaction values FloWorks at an enterprise value of approximately $1.6 billion.

Headquartered in Houston, Texas, FloWorks is a leading specialty distributor of critical flow control products and provider of tailored technical solutions for MRO-focused applications, serving customers across a broad range of critical industrial end markets.

Wynnchurch acquired FloWorks in January 2023. Under Wynnchurch's ownership, FloWorks completed seven strategic add-on acquisitions, expanded its footprint, and grew into a specialty distribution platform generating more than $1 billion of annual revenue. Together, these acquisitions expanded FloWorks' product and service offering, diversified its end markets, enhanced its margin profile, broadened its geographic footprint, and strengthened customer and supplier relationships. Beyond acquisitions, Wynnchurch partnered with management to drive operational improvements across supply chain and commercial excellence.

Greg Gleason, Managing Partner at Wynnchurch, stated, “FloWorks represented an opportunity to build a leading specialty distribution platform focused on engineered flow control products and technical solutions. We executed a strategy combining strategic acquisitions with operational value creation and commercial excellence that strengthened the business and positioned FloWorks for continued long-term growth. We thank Scott Jackson and the entire FloWorks team for their dedication and partnership.”

“In partnership with management, we made significant investments in the commercial organization and technology infrastructure that unlocked meaningful pricing and cross-selling opportunities. FloWorks is well positioned for continued growth, and we are confident the business is poised for long-term success,” stated Kevin Hanley, Principal at Wynnchurch.

“Wynnchurch has been a valuable partner, providing the resources, expertise, and strategic support that helped us scale the business and strengthen our platform,” stated Scott Jackson, CEO of FloWorks. “I am grateful for our successful partnership with Wynnchurch, proud of what our team has accomplished, and excited to join Ferguson alongside the entire FloWorks team as we continue building on that momentum.”

Wynnchurch also appreciates the partnership and support of Clearlake Capital Group, L.P., which retained a minority ownership interest following the Company's sale to Wynnchurch in 2023.

Jefferies LLC served as lead financial advisor to FloWorks, and Solomon Partners also served as financial advisor. Foley & Lardner LLP served as legal advisor to Wynnchurch and FloWorks.

About FloWorks:

Headquartered in Houston, Texas, FloWorks is a leading specialty distributor of critical flow control products and provider of tailored technical solutions for MRO-focused applications. The Company serves customers across chemicals, downstream refining & renewables, high purity & sanitary, and other industrial end markets. FloWorks’ product categories include valves & automation, corrosion resistant flow control, rotating equipment, flanges, filters & purifiers, and instrumentation. For more information, please visit: www​.gofloworks​.com.

About Wynnchurch Capital:

Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, is a leading middle market private equity investment firm that has been investing in industrial businesses for more than 25 years. Wynnchurch is currently investing out of its sixth private equity fund and manages approximately $9.1 billion of assets under management. The firm's strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recent exits include the sale of Labrie Environmental Group to Hiab Corporation (Nasdaq Helsinki: HIAB) in a transaction valued at approximately $1.035 billion. Recent investments include MSHS Pacific Power Group, Sterno, NABRICO Marine Products, Charter Industries, and Astro Shapes.

For more information, please visit: www.wynnchurch​.com or follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260713447838/en/

For new investment opportunities, please contact:

Mike Teplitsky
Partner
mteplitsky@wynnchurch.com

Scott Fitch
Partner
sfitch@wynnchurch.com

Source: Wynnchurch Capital, L.P.

Key Terms

enterprise value financial

Enterprise value is the total worth of a company, reflecting what it would cost to buy the entire business. It includes the company's market value plus any debts, minus its cash holdings, offering a comprehensive picture of its true value. Investors use it to compare companies regardless of their capital structures, helping them assess how much they would need to pay to acquire the business.

View in glossary

mro technical

MRO stands for Maintenance, Repair, and Operations, referring to the supplies and services companies provide to keep machinery, buildings, and infrastructure functioning smoothly. These essentials are vital for ongoing business activities, much like routine car maintenance keeps a vehicle running reliably. Investors pay attention to MRO companies because their performance reflects the health of industries that rely heavily on regular upkeep and support services.