Ervin Cohen & Jessup Navigates Sale of Todd Pipe & Supply to Reece Ltd. For $160 Million
Ervin Cohen & Jessup announced today that it has secured the sale of client Todd Pipe & Supply, LLC (Todd Pipe), a plumbing supply wholesaler, to Reece Limited for $160 million.
“Our legal team worked around the clock to get the definitive agreements negotiated, drafted and signed,” said Gary Q. Michel, a tax and corporate Partner at Ervin Cohen & Jessup who was lead on the transaction. “Todd Pipe has been a client of the firm since its inception 10 years ago and the principals have been clients (and friends) for over five decades. We are honored to have navigated the company through its sale.”
Other Ervin Cohen & Jessup attorneys who were involved in the deal included Corporate and Tax Partner Vanja Habekovic, Corporate Partner Kenneth Luer, Corporate attorney Elliot N. Kermani, Employment Partner Kelly O. Scott and Corporate attorney Yasmin Azodi.
Reece’s acquisition of Todd Pipe, with six branches in attractive growth areas, complements MORSCO’s (a Reece Limited subsidiary) existing presence and brings its total number of locations in Southern California to 23 and its total branch network in the U.S. to 181.
The existing Todd Pipe management team will join MORSCO and play an important role in the direction of the business and growth in Southern California.
“Todd Pipe is an example of us acting on opportunities to consolidate the fragmented plumbing market in the US Sun-Belt region,” said Peter Wilson, CEO and Managing Director of the Reece Group. “We acquired MORSCO last year to create a growth platform for the group, and we will do this through organic, and considered in-organic opportunities as they arise.”
The acquisition is expected to close by October 1, 2019.