Fort Worth, TX – (March 28, 2017) – MORSCO, Inc. (“MORSCO”), a Fort Worth, Texas-based distributor of commercial and residential plumbing products; heating and cooling equipment (HVAC); pipe, valves and fittings (PVF); and underground utility products, has named Mike Swedick President of the company’s Plumbing Division.
MORSCO, a portfolio company of global private equity firm Advent International (“Advent”), is one of the fastest growing companies in its industry with 170+ branch locations, more than $1.7 billion in sales and more than 2,500 associates in 17 states.
Swedick joined Fortiline Waterworks (“Fortiline”), the second-largest American-owned wholesale distributor of underground water, sewer and storm utility products in the United States, in early 2011 he was named VP of Sales. He was named Chief Operating Officer in 2014 and President and CEO in 2015. MORSCO acquired Fortiline in October, 2016.
Previously, Swedick spent eight years in the waterworks distribution business and nearly 20 years in sales and leadership positions at Advanced Drainage Systems, Inc., a leading manufacturer of HDPE polyethylene drainage pipe products.
In addition to his leadership responsibilities in the Plumbing Division, Swedick will also continue to lead the Waterworks Division at MORSCO.
“During Mike’s time at Fortiline, he was instrumental in the creation of a highly-functional leadership team and a formal strategic planning process,” said Chip Hornsby, CEO of MORSCO. “He worked closely with his management team to develop a clear vision and a strong metric-driven culture, all of which resulted in explosive earnings (EBITDA) and top line growth. We are certain that Mike will bring this same level of strategic leadership and a results-driven philosophy to our Plumbing Division.”
“I am proud of the growth we achieved at Fortiline and I look forward to realizing similar gains within MORSCO’s Plumbing Division,” said Swedick. “We will start our journey toward success by uniting all of the individual plumbing brands within the MORSCO family under a new philosophy: One MORSCO – One Vision, and that is ‘To be the preferred and most trusted resource for plumbing, HVAC and utility infrastructure product solutions.’”
For information on MORSCO and its companies, please visit www.MorscoUSA.com.
MORSCO is a leading U.S. distributor of commercial and residential plumbing, waterworks and HVAC supplies. The company was founded nearly 100 years ago in Fort Worth, Texas, and is now one of the fastest growing companies in its market. MORSCO is a private company sponsored by Advent International and led by a team of industry veterans. The MORSCO family of operating units consists of Express Pipe & Supply (CA), Farnsworth Wholesale Company (AZ), Morrison Supply Company (TX, OK, NM, LA, KS), Murray Supply Company (NC, SC, VA), Wholesale Specialties (CO), DeVore & Johnson (GA), Fortiline Waterworks (AL, FL, GA, KS, KY, NC, OH, OK, SC, TN, TX, VA) and MORSCO’s premier showroom offering in these markets, Expressions Home Gallery. For additional information regarding MORSCO or any of its brands, please visit the website at www.MorscoUSA.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 315 private equity transactions in 40 countries and as of June 30, 2016, had $40 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com.