Ferguson Enterprises Inc. (NYSE: FERG; LSE: FERG), North America's largest value-added distributor of water and air solutions, announced on July 13, 2026 that it had entered into a definitive agreement to acquire FWI Holdings, Inc. ("FloWorks") from private equity firm Wynnchurch Capital, L.P. FloWorks is a Houston-based specialty distributor and service provider of highly technical valves and flow control solutions, operating more than 60 locations across the United States and Canada and serving industries including chemicals, refining, power generation, semiconductors, pharmaceuticals and data centers. The all-cash transaction values FloWorks at an enterprise value of approximately US$1.6 billion, representing roughly 10x last-twelve-months adjusted EBITDA (including about US$45 million of expected synergies). FloWorks generated approximately US$1 billion in 2025 revenue and is backed by more than 1,000 associates, 25 service and repair centers, and 15 brands. Ferguson said the acquisition expands its specialty industrial flow-control platform, deepens its technical capabilities, and increases its total addressable market to roughly US$400 billion, while remaining within its 1–2x net-debt-to-adjusted-EBITDA target on closing. Wynnchurch acquired FloWorks in January 2023 (with Clearlake Capital retaining a minority stake) and completed seven add-on acquisitions during its ownership. The transaction is expected to close in the third quarter of 2026, subject to customary conditions and regulatory (antitrust) approvals.