Ferguson Enterprises, a publicly traded HVAC operator headquartered in Virginia announced Tuesday its acquisition of a majority interest in Houston-based valve distributor FloWorks.
The cash acquisition from Wynnchurch Capital values FWI Holdings, the FloWorks parent, at $1.6 billion. Chicago-based Wynnchurch acquired FloWorks from Clearlake Capital in January 2023.
Orrick, Herrington & Sutcliffe is advising Ferguson on the transaction, Kirkland & Ellis on the financing. J.P. Morgan Securities Ferguson’s financial advisor, with J.P. Morgan Chase Bank committing funds for the deal.
Foley and Lardner advised Wynnchurch with a team led from Detroit by Omar Lucia and Gjina Lucaj, alongside Jon Gabriel (Boston), Zach Ulewicz (Detroit) Lydia Stambugh (Tampa) and Jed Baranczyk (Milwaukee).
Foley had also advised Wynnchurch on its 2023 platform acquisition of FloWorks from Clearlake Capital and on FloWorks’ subsequent purchases of Assured Automation, Applied Controls, Slater Controls and Cranford Equipment.
Founded in 1961, FloWorks operates in more than 60 locations across the U.S. and Canada, primarily along the Gulf Coast and southern U.S. With 2025 revenues of $1 billion, the firm provides specialty valves and flow control devices — as well as system service and repairs — for air and water services to both residential and industrial markets that include chemicals, refining, power generation, pharmaceuticals semiconductors and data centers.
Ferguson officials said the acquisition of FloWorks expands the technical depth Ferguson’s own flow control platform along with its maintenance and repair operations.
“FloWorks strengthens our leading position in high-growth industrial end markets, while adding meaningful capabilities and geographic coverage which we can leverage across our non-residential customer groups,” said Kevin Murphy, CEO of Ferguson in its announcement. “Their expert teams, technical capabilities and strong OEM brands will further enhance our ability to provide essential water solutions for the specialized professional.”