Ferguson Enterprises has agreed to acquire FWI Holdings, known as FloWorks, in an all-cash transaction valuing the industrial distributor at an enterprise value of approximately $1.6 billion.
The building products distributor is buying from private equity owner Wynnchurch Capital L.P.
FloWorks generated approximately $1 billion in revenue in 2025 and operates more than 60 locations across the United States and Canada, supplying valves and flow control solutions to chemicals, refining, power generation, semiconductor, pharmaceutical and datacentre customers.
The purchase price equates to roughly 10 times last-twelve-months adjusted EBITDA, including roughly $45 million of expected synergies from network optimisation, logistics and technology.
Ferguson said the deal is expected to keep net debt within its targeted range of one to two times adjusted EBITDA once completed.
The acquisition adds technical depth and recurring maintenance, repair and operations (MRO) revenue to Ferguson's speciality industrial flow control platform.
"FloWorks strengthens our leading position in high-growth industrial end markets, while adding meaningful capabilities and geographic coverage which we can leverage across our non-residential customer groups," said Kevin Murphy, Ferguson's chief executive.
The transaction is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals.
