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Mirus Represents S.G. Torrice in transaction with Ferguson plc (NYSE: FERG; LSE: FERG)

Mirus Capital Advisors is pleased to announce that it served as exclusive financial advisor to S.G. Torrice Co., Inc., a leading wholesale distributor of heating, ventilation and air conditioning (HVAC) products throughout New England, in its sale to Ferguson plc (NYSE: FERG; LSE: FERG).  Terms of the transaction were not disclosed.

Founded in 1958 and headquartered in Wilmington, Massachusetts, S.G. Torrice operates 15 locations in Maine, Massachusetts, New Hampshire, Rhode Island and Vermont from which it distributes residential and commercial HVAC equipment, parts, and accessories from Trane, American Standard, Mitsubishi and other OEMs to over 2,000 HVAC contractors.

Ferguson is a leading value-added distributor in North America providing expertise, solutions and products from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more.  Ferguson has a proven track record of successful acquisitions and has completed more than 50 acquisitions in the last five years. The large, fragmented markets in which Ferguson operates comprise 10,000+ small to medium ($10-300 million revenue) independent companies across Ferguson’s nine customer groups in North America.

Ferguson announced the Torrice acquisition together with its acquisitions of Bruce Supply Corp, a plumbing distributor, and The Kennedy Companies, a waterworks distributor.  All three acquisitions generate aggregate annualized revenues of approximately $450 million.  “Bruce Supply, Kennedy and S.G. Torrice are great cultural fits for Ferguson and will help us better serve commercial mechanical, waterworks, and plumbing and HVAC trade professionals in key growing markets across the U.S.,” said Kevin Murphy, Ferguson CEO. “All three companies have great reputations and associates with strong local customer relationships that will help fuel our future organic growth.”

Stephen Torrice, the second-generation President of S.G. Torrice, said that “Once we decided it was time to sell, partnering with Ferguson was an easy choice. Their people-first culture and dedication to the customer experience align with ours. When you pair that with the incredible depth of products and offerings, you end up with a company like no other that is destined for success.  This sale strengthens our regional presence, improves our supply chain, and allows us to better serve our customers. Ferguson’s resources will make it easier to provide the same exceptional service customers experienced with S. G. Torrice, as well as afford our employees the opportunity to grow within the Ferguson family.”

“From day one of our engagement, the Mirus team’s experience and ability to help us evaluate and select the right partner was on full display,” said Torrice CEO Matt Bedard.  “They clearly communicated throughout our process and their professionalism, attention to detail, and sense of urgency were greatly appreciated. The result was a transaction that exceeded all expectations.”

Mirus partners Andrew Crain and Alan Fullerton said, “We congratulate the Torrice family and the company’s leadership team on building a successful business over 65 years by partnering with top-tier HVAC manufacturers and by building an exceptional company culture focused on serving their customers.  We’re pleased that Ferguson recognized the value of these accomplishments, and we’re proud to have worked with the Torrice team to achieve this successful outcome.”

About Mirus Capital Advisors

Successful business owners have turned to Mirus Capital Advisors for more than 35 years to help them realize their ultimate accomplishment – the sale of their business.  As a mid-market investment bank focused on mergers and acquisitions, Mirus drives successful deals for companies in the industrial, consumer products, healthcare, business services, and technology sectors.  Mirus has proven time and again that its deep industry expertise, focus on relationships, thorough preparation and unwavering commitment to every deal lead to meaningful accomplishments for business owners.  For more, visit www.merger.com.

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