MORSCO, Inc. (“MORSCO”), a Fort Worth-based distributor of commercial and residential plumbing products, heating and cooling equipment (HVAC), and pipe, valves and fittings (PVF), has acquired Fortiline Waterworks (“Fortiline”), a portfolio company of CHS Capital LLC and one of the largest waterworks distributors in the United States, as its waterworks distribution platform. MORSCO, a portfolio Read more
General News
MORSCO, Inc. (“MORSCO”), a Fort Worth-based distributor of commercial and residential plumbing products, heating and cooling equipment (HVAC), and pipe, valves and fittings (PVF), has acquired Fortiline Waterworks (“Fortiline”), a portfolio company of CHS Capital LLC and one of the largest waterworks distributors in the United States, as its waterworks distribution platform.
MORSCO, a portfolio company of global private equity firm Advent International (“Advent”), is a leading U.S. distributor of commercial and residential plumbing and HVAC supplies. MORSCO is one of the fastest growing companies in its industry with 140+ branch locations, more than $1 billion in sales and over 2,000 associates in 12 states. Advent made a significant new equity investment to support the acquisition.
Mike Swedick remains President and CEO of Fortiline, which continues to operate as a standalone company, responsible for waterworks supplies distribution inside of MORSCO.
Chip Hornsby, CEO of MORSCO, commented, “One of our biggest goals of 2016 was to continue to expand our footprint in the Sunbelt region of the United States. With recent acquisitions in North Carolina and Georgia along with the Fortiline acquisition, we now have a presence in 17 states. The addition of Fortiline as a standalone waterworks business under the leadership of Mike Swedick further demonstrates our commitment to the waterworks industry and to being a leader in the markets we serve. Fortiline brings a highly experienced leadership team possessing a track record of growth, operational excellence and superior customer service to the MORSCO family.”
Fortiline, the third-largest waterworks distributor in the U.S., significantly enhances MORSCO’s market position and provides MORSCO’s vendors and customers with greater opportunities. The acquisition further diversifies MORSCO in terms of geographies, end markets and products.
“We are excited to join the MORSCO family and know that our similar cultures and values will allow for a relationship that will enable both companies to continue to thrive and grow,” said Mike Swedick, Fortiline President and CEO. “We look forward to continuing to build our waterworks platform while collaborating with the leadership team at MORSCO to build a world-class distribution company. Similar to MORSCO, we plan to strategically grow our presence in our existing markets while looking to enter new markets throughout the Southeast.”
MORSCO plans to convert a select number of Morrison Supply Company’s waterworks branches to Fortiline stores to leverage Fortiline’s vendor and customer relationships. MORSCO and Fortiline will work together to expand product lines in existing branches as well as in new locations.
For information on MORSCO and its companies, please visit www.MorscoUSA.com.
About MORSCO
MORSCO is a leading U.S. distributor of commercial and residential plumbing, waterworks and HVAC supplies. The company was founded nearly 100 years ago in Fort Worth, Texas, and is now one of the fastest growing companies in its market. MORSCO is a private company sponsored by Advent International and led by a team of industry veterans. The MORSCO family of operating units consists of Express Pipe & Supply (CA), Farnsworth Wholesale Company (AZ), Morrison Supply Company (TX, OK, NM, LA, KS), Murray Supply Company (NC, SC, VA), Wholesale Specialties (CO), DeVore & Johnson (GA), Fortiline Waterworks (AL, FL, GA, KS, KY, NC, OH, OK, SC, TN, TX, VA) and MORSCO’s premier showroom offering in these markets, Expressions Home Gallery. For additional information regarding MORSCO or any of its brands, please visit the website at www.MorscoUSA.com.
About Fortiline
Fortiline Waterworks, headquartered in Concord, N.C., is one of the largest wholesale distributors of underground water, sewer and storm utility products in the United States. Founded in 1997, Fortiline distributes more than 75,000 SKUs to a diverse base of more than 4,500 contractor, developer and municipal customers through a network of 42 branches in 12 states in the Southeast, Mid-Atlantic and Midwest. The company’s vision is to be the preferred and most trusted resource for utility infrastructure product solutions, and Fortiline backs that with specialty divisions and extensive inventory at locations across the country. To learn more, visit www.fortiline.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 315 private equity transactions in 40 countries and as of June 30, 2016, had $40 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com.
About CHS Capital
CHS Capital is a Chicago-based private equity firm with over 25 years of experience investing in the middle market. Through partnerships with strong management teams, CHS Capital aims to accelerate earnings growth and drive value creation through human capital initiatives, performance improvement actions and strategic growth activities. Throughout its history, CHS Capital has made investments in over 400 businesses and invested $2.9 billion of capital. For additional information, please visit www.chsonline.com
American Residential Services (ARS), a Memphis, Tenn. based, privately-held national provider of air conditioning, heating and plumbing services, announced their top-performing service centers at their Annual Manager’s Meeting held earlier this month in Las Vegas. “We are an industry leader in HVAC and plumbing services because of our hard-working employees and local management teams,” said Read more
American Residential Services (ARS), a Memphis, Tenn. based, privately-held national provider of air conditioning, heating and plumbing services, announced their top-performing service centers at their Annual Manager’s Meeting held earlier this month in Las Vegas.
“We are an industry leader in HVAC and plumbing services because of our hard-working employees and local management teams,” said Dave Slott, President and Chief Operating Officer of ARS. “It’s an honor for us to recognize and reward our top performers.”
Don Karnes, Chief Executive Officer of ARS, added, “Our Annual Manager’s Meeting is a chance for us to enjoy the fellowship of our management team, and most importantly to share best practices and new initiatives that fulfill our vision to maintain a best-in-class customer service experience.”
Top-performing service centers and employees include:
- General Manager of the Year was awarded to Lance Fernandez from Yes! Las Vegas. Fernandez respects his employees and customers as exhibited by the daily teamwork in his branch. He is passionate about seeing his people grow and achieve both personal and professional goals by offering guidance and support. The Yes! Las Vegas branch is a leader in its division and for 2016 is best in class across ARS’s entire vast network. Yes! Las Vegas has also earned an “A+” rating with the Better Business Bureau (BBB) and a 5 star rating with Review Buzz.
- Customer Service / Quality Branch of the Year – Plumbing was awarded to Rescue Rooter of Salt Lake City. Tracy Nevin has been with ARS for 11 years and went from plumber, plumbing repair specialist, branch sales manager, and now holds the position of General Manager. The branch has a BBB rating of “A+”.
- Customer Service / Quality Branch of the Year – HVAC was awarded to Columbus Worthington Air in Columbus, Ohio. General Manager, Clint Schreck, has been with the company for a combined 13 years. The branch has a BBB rating of “A+”, and a VOC score of 9.41.
- Home Depot Branch of the Year – Plumbing was awarded to Rescue Rooter in Riverside. General Manager, Jon Swartz, has been with ARS for 26 years. The branch services 19 Home Depot stores, averages $76K in sales per store, and has a company leading 32% close rate.
- Home Depot Branch of the Year- HVAC was awarded to ARS of Miami. Cyril McInnis, General Manager, has been with ARS for over 3 years. The branch services 11 Home Depot stores, and averages $285K in sales per store.
- Corporate Support Award was awarded to Mario Rodriguez. Mario has been with ARS for 20 years and represents the epitome of customer service. Every day, he is working behind the scenes to make sure the office operates at optimum levels. Mario is known for his great work ethic, positive attitude, patience, and smile.
- Safety Branch of the Year – West Division was presented to Yes! Las Vegas. The branch ranks #1 in the average rank across three key metrics including, $0 in work compensation expenses for this year, a perfect score in their DriveCam coaching effectiveness, and a perfect audit score.
- Safety Branch of the Year – Southern California Division was awarded to RightTime Services in Orange County. Brian Remington, the General Manager, has been with the company for over 4 years. The branch ranks among the top ten for claims expense % of revenue and the frequency of distracted driving is consistently better than the company average.
- Safety Branch of the Year – Texas Division was presented to ARS of DFW. The General Manager, Wes Hardin, has been with the company for 9 years and since taking over the role, he has engaged in all aspects of operations – especially focusing on safety. The branch’s DriveCam coaching effectiveness is consistently at or above 85% and they earned an audit score of 95%.
- Safety Branch of the Year – Southeast Division was presented to ARS of Orlando. Tom Seal, the General Manager, has been with ARS for 5 years. The branch ranks in the top 10 for claim expense % revenue, has cut the distracted driving frequency by more than 50%, and the DriveCam coaching effectiveness is consistently at or above 85%
- Safety Branch of the Year – Central Division was awarded to Rescue Rooter of Columbus. Jason Norris, the General Manager, has been with the company for 14 years. The branch is consistently among the top 5 branches in the company for Pledge Management and DriveCam Effectiveness. The branch also has an audit score of 89%, tied for first place in low work compensation claim frequency, tied for first in claim expense percentage of revenue, and has had zero claims expense over the last 12 months.
- Overall Safety Branch of the Year was awarded to ARS of Omaha. John Aliano, the General Manager, has been with the company for 31 years. The branch ranks in the top 10 for all three safety metrics. They earned an audit score of 95%, the DriveCam coaching effectiveness is consistently at or above 95%, and the distracted driving frequency is .03%.
- Most Improved Branch Profit Dollars was presented to Yes! Las Vegas, which had a 38% profit growth.
- Largest Revenue Increase – Plumbing was presented to Rescue Rooter of Atlanta. Cathy Brooks, the General Manager, has been with ARS for 17 years. This year, the branch began servicing many new Home Depot stores taking the total count to 28. The branch also grew brand awareness by participating in the FOX TV show “HOME FREE”. Their revenue increased $1.4 million, or 59%.
- Largest Revenue Increase – HVAC was awarded to Columbus Worthington Air. The branch made strides by bringing on a second line of equipment which helped drive higher margins and more options for customers. They also enhanced management structure to support the bigger organization and the division staff. Also, the general manager and sales manager completed a pricing and margin analysis to uncover opportunities. HVAC revenue increased $2.2 million, or 27%.
- Turn-Around Branch of the Year was awarded to ARS of Miami. The branch felt an immediate need to reassert more focus on the customer and improve associate morale. Efforts were made to re-establish their relationship with Home Depot. Cyril McInnis also hired a new sales manager, added customer support resources, and engaged his branch associates to support their local community. Year-to-date branch revenue is up $1.1 million, or 32%.
- Highest Margin Branch – Plumbing was presented to Rescue Rooter of Atlanta. The General Manager, Cathy Brooks, participates in dispatch of technicians daily, assuring the right tech goes to the right call. Brooks is also in constant communication with the technicians and teaches them to always provide impeccable service. The branch has an overall profit margin of 27%.
- Highest Margin Branch – HVAC/Combo was awarded to Yes! Las Vegas. Lance Fernandez, the General Manager, conducts daily technical training, PROS training, and sales training. Fernandez is known for being a very strong leader and a positive influence on the employees and results of the branch. The branch has an overall margin of 26%.
- Most Profitable Branch in Dollars – Plumbing was awarded to Rescue Rooter of San Diego. The General Manager, Kevin Kellington, has been with ARS for over 32 years. Kellington is involved in job pricing and post job costing, and he understands his contribution. The branch leads the division in commercial sales with 3 full time CAR’s and a monthly average of over $325K. Revenue has increased 9% to $9.2 million.
- Most Improved Combo Shop Gross Profit – Plumbing was awarded to ARS of North Houston. Ken Althoff, the General Manager, has been with ARS for over 3 years. Althoff restructured the plumbing operation in the service center, and as a result, profitability improved significantly this year. The plumbing service line in the Houston branch has revenue of $9.9 million.
- Most Profitable Branch in Dollars – HVAC/Combo was presented to Yes! Las Vegas. The branch installs over $100K a day and continues to perform quality work, provide great customer service, and keeping crews and technicians motivated. The branch has revenue of $20.7 million.
- Most Improved Region was presented to the Southern California Region. Roxanne Flores, the West Zone Controller, has been with ARS for over 12 years and was instrumental in the Region’s turnaround. The region continues to develop branch management teams and holds a very strong sales culture by maintaining a great relationship with Home Depot. They saw revenue grow 8% to $36 million.
- Highest Profit Margin Division (EBITA) was awarded to the Central Division. Mark Thompson, Division Vice President, has been with ARS for 2 years. The division’s team has generated results in all critical areas of Key Performance Indicator measurement with consistent performance. The Division’s overall margin was 15% for 2016.
- PROS/NPS – West Zone was awarded to Rescue Rooter San Diego. At the branch, headed up by Kevin Kellington, PROS training has been incorporated into the DNA of the business and each service experience. They are leaders in embracing sales metrics and the improvement of weekend staffing and productivity. The branch earned a Net Promoter Score of 57.4 and a 9.2 average (on a scale of 1 to 10).
- PROS/NPS – East Zone was awarded to ARS of Myrtle Beach. The General Manager, Jason Poucher, has been with the company for 14 years. He provides a great team environment because he is passionate about his job and the people he works with. The branch earned a Net Promoter Score of 67 and an 8.7 average (on a scale of 1 to 10).
- Division of the Year was presented to the Central Division. Under Mark Thompson, the division has seen a revenue growth of 10% to $85 million. The division has enthusiasm and a well-balanced vision which creates a winning team environment.
ABOUT AMERICAN RESIDENTIAL SERVICES: Based in Memphis, Tenn., privately-owned ARS operates a network of more than 70 locally-managed service centers in 22 states, with approximately 5,500 employees. The ARS network features industry-leading brands including, A.J. Perrin, Aksarben ARS, Allgood, Andy’s Statewide, ARS, Aspen Air Conditioning, Atlas Trillo, Beutler, Blue Dot, Brothers, Columbus Worthington Air, Conway Services, Efficient Attic Systems (EAS), Florida Home Air Conditioning, Green Star Home Services, McCarthy Services, Rescue Rooter/ Proserv, Rescue Rooter, RighTime Home Services, RS Andrews, The Irish Plumber, Unique Services, “Will” Fix It, Yes! Air Conditioning and Plumbing, and Yes! Efficient Attic Systems. United by Exceptional Service®, the ARS / Rescue Rooter Network serves both residential and light commercial customers by providing heating, cooling, indoor air quality, plumbing, drain cleaning, sewer line, radiant barrier, insulation and ventilation services. Each location has a knowledgeable team of trained specialists, who have undergone rigorous drug testing and criminal background checks. Providing exceptional service and ensuring the highest standards of quality, ARS has the experience to do any job right – the first time, with all work fully guaranteed.
Viega LLC announced John Sullivan as its new chief financial officer. As CFO, Sullivan is responsible for overseeing, managing and planning strategy for all of Viega’s accounting, financial and IT initiatives. Sullivan has more than 25 years of experience in executive leadership for the industrial, pharmaceutical, healthcare and technology industries. He also has seven years Read more
Viega LLC announced John Sullivan as its new chief financial officer.
As CFO, Sullivan is responsible for overseeing, managing and planning strategy for all of Viega’s accounting, financial and IT initiatives. Sullivan has more than 25 years of experience in executive leadership for the industrial, pharmaceutical, healthcare and technology industries. He also has seven years of experience working in the residential, commercial and industrial water application sectors.
Prior to joining to Viega, Sullivan worked as the vice president of finance for Applied Water Systems and CFO of Flow Control divisions at Xylem, a director of financial planning and analysis at Vertex Pharmaceuticals Inc. and a director of finance at Tufts Health Plan.
“Viega is very happy to incorporate John’s impressive leadership abilities into our financial planning,” said David Garlow, president and CEO, Viega. “John has the skills to position Viega for continued growth and maintain our culture of excellent financial initiatives and growth.”
Sullivan earned a bachelor’s degree in finance from Northeastern University and a master’s of business administration from Bentley University. He currently lives in Boulder, Col., and enjoys riding motorcycles in his spare time.
BrassCraft® Safety+PLUS® excess flow valves and connectors incorporate state-of-the-art technology with precision engineering, providing an advanced solution to homeowners that helps protect against gas related fires and explosions. In the event of a gas line rupture or disconnect, the Safety+PLUS® valve automatically activates to restrict gas flow at the appliance. This immediate action helps avert Read more
BrassCraft® Safety+PLUS® excess flow valves and connectors incorporate state-of-the-art technology with precision engineering, providing an advanced solution to homeowners that helps protect against gas related fires and explosions. In the event of a gas line rupture or disconnect, the Safety+PLUS® valve automatically activates to restrict gas flow at the appliance. This immediate action helps avert the potential for a hazardous buildup of gas in the home. Gas flow is controlled at the appliance where the rupture occurred; the rest of the home’s system will continue to function. The valve will remain activated until the gas line is properly repaired. Once repaired, the Safety+PLUS® valve automatically resets to restore normal gas flow to the appliance.
Safety+PLUS Advantage® gas connectors combine excess flow technology with the advanced corrosion resistance of the ProCoat® polymer coating, to provide a safer connector for your home. The coating effectively protects the connector from prolonged exposure to most harsh household chemicals that can cause deterioration and pinhole leaks.
For more information on BrassCraft’s gas supplies, go to: http://www.brasscraft.com/products.aspx?id=5
And to help with home maintenance, BrassCraft Manufacturing Co. through its Cobra® Tools brand also provides products to help maintain dryer lint traps, refrigerator coils and dryer vents. Maintenance of home appliances is essential for top performance and fire prevention.
For more information about home maintenance products, go to: http://www.cobraus.com/Products.aspx?Id=1011
New Mega Menu simplifies navigation for contractors and homeowners by clearly defining topics and interests relevant to each group.Share Noritz America has updated its website (Noritz.com) with a more robust navigation menu that allows the user to quickly and easily reach his or her particular browsing goals.View / Download Release MS-Word (.doc) Text (.txt) Adobe Read more
New Mega Menu simplifies navigation for contractors and homeowners by clearly defining topics and interests relevant to each group.Share
Noritz America has updated its website (Noritz.com) with a more robust navigation menu that allows the user to quickly and easily reach his or her particular browsing goals.View / Download Release MS-Word (.doc) Text (.txt) Adobe Acrobat (.pdf)View Image Gallery“We wanted to streamline our users’ browsing experience to make it easier to find what they are looking for at a glance,” says Andrew Tran, Marketing Supervisor at Noritz. “Previously, it had taken longer to find specific items because information was more scattered, whereas now we offer a clear ‘table of contents.’”The revamped menu contains six items, each containing a dropdown menu of subtopics.Navigation menu items include:Residential: Contains all relevant information for homeowners interested in switching to tankless water heaters. Users will find educational literature, product rebate and warranty information, as well as the Noritz blog.Commercial: Contains all relevant information for commercial facility managers and owners. Case studies, product literature, plumbing diagrams and Revit files are available to assist the decision-making and design process.For Professionals: Contains all relevant information for contractors and installers, including technical literature and support, how-to videos, a sizing calculator and a distributor directory.Products & Accessories: Contains information on the various products and product categories Noritz has to offer, such as high and middle efficiency heaters, the CB Combination Boiler and accessories.About Us: Contains general information about Noritz. Users can view frequently asked questions about the company and products, showroom locations, press materials and social media channels.How to Buy: Contains information for purchasing a Noritz product, including an installer locator tool and contact information for a free consultation.The new menu contains “built-in redundancy,” or multiple ways to get to the same content. For, example, homeowners can find out how to buy and find an installer from anywhere on the website. This ensures that users always quickly find the most important information.For more information on the full line of Noritz tankless water heating products, visit www.noritz.com. You can also telephone us at 866.766.7489 or e-mail us at support@noritz.com.
Source: Noritz Streamlines Website’s Menu Navigation to Better Serve Residential and Commercial Markets