In 2011 we invested in Morrison Supply Company, a leading wholesale distributor of plumbing, HVAC and building supplies in the southwestern United States. Having invested in more than 20 building products and construction supply companies over a 20-year span, it is a sub-sector we know well.
With 80 locations in Texas, New Mexico, Oklahoma, Kansas and Louisiana, the company had an attractive regional base and was looking forward to expansion after weathering the housing construction market downturn. We saw the opportunity to grow the business significantly by applying our capital, resources and sector experience.
Operational improvements are underway, and a revitalized management team, led by an experienced operating partner, is in place. Going forward, we see strong potential for consolidation in the $60 billion US plumbing and HVAC supply market. As a result, Morrison Supply has already acquired distributors in Texas, Oklahoma and California, and expanding its platform within the region. With its forward momentum and our industry experience, Morrison will continue to build on its role as a leading supplier in the industries it serves.