Core & Main Inc.
American specialized distributor of water, wastewater, storm drainage, and fire protection products serving municipalities, water companies, and professional contractors.
Company Type
public
Founded
2017
Headquarters
St. Louis, Missouri, USA
Stock
NYSE: CNM
About Core & Main Inc.
Who owns Core & Main?
Core & Main is a publicly traded company listed on NYSE (CNM) and owned by institutional investors, mutual funds, and individual shareholders. Prior to its 2021 IPO, the company was owned by private equity firm Clayton, Dubilier & Rice.
Core & Main is a publicly traded company listed on NYSE (CNM) and owned by institutional investors, mutual funds, and individual shareholders. Prior to its 2021 IPO, the company was owned by private equity firm Clayton, Dubilier & Rice.
Is Core & Main publicly traded?
Yes, Core & Main is publicly traded on the New York Stock Exchange under ticker CNM. The company completed its IPO in July 2021.
Yes, Core & Main is publicly traded on the New York Stock Exchange under ticker CNM. The company completed its IPO in July 2021.
What does Core & Main distribute?
Core & Main distributes water, wastewater, storm drainage, and fire protection products including pipes, valves, fittings, meters, and related infrastructure products to municipalities, water companies, and professional contractors.
Core & Main distributes water, wastewater, storm drainage, and fire protection products including pipes, valves, fittings, meters, and related infrastructure products to municipalities, water companies, and professional contractors.
What is Core & Main's revenue?
In fiscal year 2024 (ended February 2, 2025), Core & Main reported net sales of approximately $7.7 billion.
In fiscal year 2024 (ended February 2, 2025), Core & Main reported net sales of approximately $7.7 billion.
When was Core & Main founded?
Core & Main was established in 2017 when private equity firm Clayton, Dubilier & Rice acquired HD Supply Waterworks from HD Supply for approximately $2.5 billion. The company went public on the NYSE in July 2021.
Core & Main was established in 2017 when private equity firm Clayton, Dubilier & Rice acquired HD Supply Waterworks from HD Supply for approximately $2.5 billion. The company went public on the NYSE in July 2021.
How many branches does Core & Main have?
Core & Main operates more than 370 branches across the United States and Canada, providing local market expertise and distribution capabilities to municipalities and contractors.
Core & Main operates more than 370 branches across the United States and Canada, providing local market expertise and distribution capabilities to municipalities and contractors.
History of Core & Main Inc.
Core & Main's history traces back through several corporate predecessors in the water infrastructure distribution industry.
The business that became Core & Main has roots in National Waterworks, a specialized distributor of water and wastewater products. In 2005, Home Depot acquired National Waterworks Holdings and merged it with Hughes Supply's waterworks division to create HD Supply Waterworks, a division of HD Supply.
HD Supply was itself spun off from Home Depot in 2007 as an independent company. HD Supply Waterworks operated as a division of HD Supply, distributing water, wastewater, storm drainage, and fire protection products to municipalities and contractors.
In August 2017, private equity firm Clayton, Dubilier & Rice (CD&R) acquired HD Supply Waterworks from HD Supply for approximately $2.5 billion. CD&R renamed the business Core & Main and established it as an independent company.
Under CD&R's ownership, Core & Main pursued a strategy of organic growth and strategic acquisitions to expand its geographic footprint and product capabilities. The company made numerous acquisitions of regional water infrastructure distributors.
In July 2021, Core & Main completed its initial public offering on the NYSE under ticker CNM, raising approximately $756 million. The IPO valued the company at approximately $5.2 billion.
Following its IPO, Core & Main continued its acquisition strategy. The company acquired Distributors Inc. (a fire protection distributor in Hawaii) in 2022, J.W. D'Angelo Co. (a fire protection and waterworks distributor in Southern California) in July 2023, Canada Waterworks (expanding into Canada) in September 2025, and Pioneer Supply (a regional distributor in Texas and Oklahoma) in January 2026.
In fiscal year 2024 (ended February 2, 2025), Core & Main reported net sales of approximately $7.7 billion, reflecting strong demand for water infrastructure products driven by municipal infrastructure investment and construction activity.
Brands Owned by Core & Main Inc.
Core & Main Inc. owns 4 brands in our database.
Canada Waterworks
Owned by Core & Main Inc.
Canadian distributor of water, wastewater, and storm drainage products serving municipalities and contractors across Canada.
water-distributionwastewaterstorm-drainage
Dangelo
Owned by Core & Main Inc.
Full-service fire protection and waterworks distributor providing comprehensive infrastructure products and services in Southern California.
fire-protectionwaterworksdistribution
Distributors Inc.
Owned by Core & Main Inc.
Full-service fire protection distributor providing comprehensive fire protection products and services in Hawaii.
fire-protectiondistributionhawaii
Pioneer Supply
Owned by Core & Main Inc.
Regional distributor of water, wastewater, and storm drainage products serving municipalities and contractors in Texas and Oklahoma.
water-distributionwastewaterstorm-drainage
Stock Information
Core & Main Inc. Ownership: Pros & Cons
Advantages
- +FY2024 net sales of approximately $7.7 billion demonstrate significant scale as a leading water infrastructure distributor
- +Long-term secular tailwinds from aging U.S. water infrastructure requiring replacement and federal infrastructure investment
- +Extensive branch network of 370+ locations provides local market expertise and strong customer relationships
- +Specialized focus on water infrastructure creates deep expertise and strong supplier relationships
- +Active acquisition strategy has expanded geographic reach and product capabilities
Considerations
- -Competes against Ferguson Enterprises, which is significantly larger and has greater resources
- -Business is sensitive to construction activity and municipal capital spending, which can be cyclical
- -Acquisition integration creates operational complexity and execution risk
- -Dependence on a relatively narrow product category (water infrastructure) limits diversification
- -Private equity ownership history (CD&R) may create concerns about long-term strategic focus
Frequently Asked Questions About Core & Main Inc.
Who owns Core & Main?
Core & Main is a publicly traded company listed on NYSE (CNM) and owned by institutional investors, mutual funds, and individual shareholders. Prior to its 2021 IPO, the company was owned by private equity firm Clayton, Dubilier & Rice.
Is Core & Main publicly traded?
Yes, Core & Main is publicly traded on the New York Stock Exchange under ticker CNM. The company completed its IPO in July 2021.
What does Core & Main distribute?
Core & Main distributes water, wastewater, storm drainage, and fire protection products including pipes, valves, fittings, meters, and related infrastructure products to municipalities, water companies, and professional contractors.
What is Core & Main's revenue?
In fiscal year 2024 (ended February 2, 2025), Core & Main reported net sales of approximately $7.7 billion.
When was Core & Main founded?
Core & Main was established in 2017 when private equity firm Clayton, Dubilier & Rice acquired HD Supply Waterworks from HD Supply for approximately $2.5 billion. The company went public on the NYSE in July 2021.
How many branches does Core & Main have?
Core & Main operates more than 370 branches across the United States and Canada, providing local market expertise and distribution capabilities to municipalities and contractors.
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