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.

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.

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For new investment opportunities, please contact:

Mike Teplitsky

Partner

mteplitsky@wynnchurch.com

Scott Fitch

Partner

sfitch@wynnchurch.com