Orrick, Kirkland & Ellis and Foley & Lardner advise on Ferguson Enterprises’ USD 1.6 billion acquisition of FloWorks.

Ferguson Enterprises Inc. Has entered into a definitive agreement to acquire FWI Holdings, Inc. (FloWorks) from Wynnchurch Capital L.P. in a cash transaction valuing FloWorks at an enterprise value of approximately USD 1.6 billion.

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

Founded in 1961, FloWorks is a leading industrial distributor and service provider of highly technical valves and flow control solutions, operating more than 60 locations across the United States. The acquisition is expected to expand Ferguson’s non-residential capabilities, strengthen its presence in high-growth industrial end markets, and increase its total addressable market to approximately USD 400 billion.

Orrick, Herrington & Sutcliffe advised Ferguson Enterprises Inc. On the acquisition.

The Orrick team was led by Ken Wiggins and Santi Assalini, and included Daniel Rico, Lauren Donnelly, Wallace Stage, Elle Jiang, Jeff Zhang, Martha Wang, Kay Zou, Laura Bagarella, Keith Tidwell, Sharon Zhou, SeoJung Park, Craig Falls, Victoria Newbold, Amy Ray, Kristin Petersen, Brendan McGuire, Sarah Schaedler, Daniel Kearney, Tiantian Shi, Sarah Tauman, Robin Freedman, Chris Chavez, Taylor Barokh, Craig Guzman, Bart Kempf, Lauren Buehler, Zachary Huey, Jeanine McGuinness, Allison Bradham, Gregory Hume, Matthew Coleman, James Chou and Carly Owens.

Kirkland & Ellis advised Ferguson Enterprises Inc. On the debt financing supporting the acquisition.

The Kirkland team included debt finance lawyers Rachael Lichman and Brittany Taylor; and capital markets lawyers Sophia Hudson and Asher Qazi.

Foley & Lardner LLP advised Wynnchurch Capital L.P. and FloWorks on the sale.

The Foley Private Equity M&A team was led by Partners Omar Lucia and Gjina Lucaj, with support from Jon Gabriel, Zach Ulewicz, Lydia Stambaugh and Jed Baranczyk.