Ferguson Enterprises said July 13 it has agreed to buy FloWorks from private equity firm Wynnchurch Capital for about $1.6 billion in cash. This deal aims to expand Ferguson’s industrial flow-control products and services business.
The acquisition comes as distributors such as Ferguson respond to resilient demand for industrial maintenance by broadening their revenue streams beyond construction and into energy and manufacturing. Shares of the company rose more than 2% in early trading after the announcement.
FWI Holdings, known as FloWorks, distributes flow-control equipment used to regulate the flow of liquids, gases and steam through industrial pipelines and processes. FloWorks generated roughly $1 billion in revenue in 2025.
Wynnchurch Capital had acquired a majority stake in FloWorks from private equity firm Clearlake Capital in 2023 for an undisclosed sum.
Now, Ferguson expects the purchase of FloWorks to deepen its presence in high-growth markets such as data centers and semiconductors, and that the transaction would boost earnings immediately. The company also said it expects the acquisition to generate about $45 million in synergies.
The transaction is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals. Ferguson said its leverage would remain within its target range after the deal.
J.P. Morgan Securities is serving as Ferguson’s financial adviser, while Orrick, Herrington & Sutcliffe is serving as legal counsel.
In a separate move announced in June, Ferguson said it would cancel its secondary listing in London to cut costs and simplify governance, leaving North America as its sole trading venue. The company had shifted its primary share listing to the New York Stock Exchange in 2022.
