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Advent to sell MORSCO to Reece Limited

  • Region:

    United States of America, Australia

  • Sector:

  • Deal Size:

    $1.44 billion

  • Buy Side Company:

    Reece Limited
  • Sell Side Company:

    Advent International
  • Target Company:

    Morsco

Private equity firm Advent International has agreed to sell MORSCO for $1.44 billion in cash, PE Hub reported. The buyer is Reece Limited, a distributor of plumbing, bathroom, heating, ventilation, air-conditioning, and refrigeration products in Australia and New Zealand. MORSCO is a distributor of plumbing products and heating and cooling equipment in the United States. Barclays Capital and RBC Capital Markets, LLC served as financial advisors to MORSCO, while J.P. Morgan Chase & Co. and Ernst & Young served as joint financial advisors to Reece on the transaction.

Tags:

private equity,M&A,M&A deals,mergers and acquisitions