Reliance Worldwide Corporation Ltd. has entered into an agreement to acquire the Holman Industries business from interests associated with Holman’s founder Walter (Wally) Edwards.
Holman is a leading independent manufacturer and distributor of branded plumbing and watering products sold through retail and wholesale channels in Australia. Approximately half of Holman’s revenues are generated from sales of “water-out” plumbing products focused on drain, waste, and vent (DWV) solutions, stormwater fittings, and PVC pressure fittings. The remaining revenues are generated by sales of watering products including a range of hose systems, fittings, timers, and garden products in retail and hardware. Holman is a long-term supplier to this segment with strong retail fulfillment execution expertise.
Holman’s PVC plumbing products for DWV solutions are manufactured at its plants in Western Australia and Queensland. Other products are sourced from trusted international suppliers. Holman has a network of seven distribution centers across Australia to service its channel partners.
Holman’s founder Wally Edwards has agreed to remain with the business for two years following completion of the acquisition.
RWC believes the acquisition of Holman Industries will provide additional sales growth opportunities from an expanded product portfolio coupled with a much broader retail channel partner distribution footprint in Australia.
RWC Chief Executive Officer, Heath Sharp, said the acquisition of Holman aligns with RWC’s growth strategy and will enhance its market position in Australia.
“Product innovation coupled with high levels of customer service have been instrumental in driving Holman’s growth. This is strongly aligned with RWC’s approach to growing its business.
“The acquisition of Holman Industries provides RWC with immediate and substantial access to the Australian water-out segment, allowing us to strengthen our overall offering and be an even better partner to our core plumbing wholesalers in Australia. Entering the water-out market is a strategic priority in each of our three regions. While we have looked at other opportunities globally, Holman marks our first foray into this end market. We expect it will help lead and catalize our approach in other markets globally.
“Holman also gives RWC significantly expanded access to the retail channel in Australia. This will provide us with the opportunity to grow our legacy RWC products within retail while also putting more scale and manufacturing capability behind Holman. We believe Holman’s success is linked to its genuinely world class execution capabilities into retail and hardware. This acquisition will allow us to utilize Holman’s retail operational capabilities in other parts of the world, while also enabling us to look for opportunities to bring our US retail market expertise to Australia.
“We are delighted that Holman’s founder Wally Edwards is going to remain with the business in an advisory capacity. Wally has built a really strong team, and we see a significant amount of very capable talent within Holman that will augment RWC’s global capabilities,” Mr Sharp said.
Completion, subject to conditions precedent and customary conditions, is expected to occur in March 2024.
Source: Reliance Worldwide Corporation
