On 13 July 2026, Ferguson Enterprises Inc. agreed to acquire FWI Holdings, Inc. (FloWorks) from Wynnchurch Capital L.P. in an all-cash transaction. The deal values FloWorks at an enterprise value of approximately US$1.6 billion, or roughly 10x EBITDA, including US$45 million of expected synergies.
FloWorks, headquartered in Houston, Texas, generated approximately US$1 billion in revenue in 2025 and operates more than 60 locations across the U.S. and Canada, with its footprint more regionally concentrated across the Gulf Coast and southern U.S. The company distributes and services valves and flow control equipment for the chemicals, refining, power generation, semiconductor, pharmaceutical, and data center industries.
Newport News, Virginia-based Ferguson generated US$31.3 billion in revenue in 2025, over 95% of which was generated in the U.S. Its eight business units are led by Waterworks (23%) and Ferguson Home (21%), with non-residential end markets accounting for approximately half of revenues in 2025. The acquisition of FloWorks is Ferguson’s largest to date and exceeds its typical deal size; in FY2025, it acquired nine companies with a combined price of just US$301 million.
