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.

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.

Core & Main has implemented sustainability initiatives focused on environmental responsibility, ethical business practices, and community engagement across its water infrastructure distribution operations. The company recognizes its role in supporting essential water services and is committed to reducing its environmental footprint while maintaining reliable service delivery.

The company has invested in energy-efficient operations and facility improvements across its branch network, focusing on reducing energy consumption and greenhouse gas emissions from its distribution centers and vehicle fleet. Core & Main promotes water conservation through its product offerings and customer education programs, helping customers optimize water usage and reduce waste.

Core & Main maintains comprehensive compliance programs for environmental regulations and safety standards across its operations. The company's ethical business practices include strong supplier responsibility programs, employee training initiatives, and community engagement activities focused on water education and infrastructure awareness.

The company's sustainability reporting includes progress metrics on environmental initiatives, energy efficiency improvements, and waste reduction programs. Core & Main participates in industry sustainability initiatives and shares best practices with other water infrastructure companies to advance environmental performance across the water distribution sector.

Core & Main has received recognition for its operational excellence, workplace culture, and industry leadership:

• Great Place to Work: Multiple years of certification for workplace culture and employee satisfaction
• Utility of the Year: Industry recognition for operational excellence and customer service
• Safety Excellence Awards: Recognition for safety performance and workplace safety programs
• Environmental Leadership: Recognition for environmental initiatives and sustainability practices
• Supply Chain Excellence: Recognition for distribution efficiency and logistics management
• Community Engagement: Recognition for community involvement and educational programs
• Innovation Awards: Recognition for technology adoption and digital transformation initiatives
• Financial Performance: Recognition for consistent financial growth and shareholder returns

These awards reflect Core & Main's commitment to operational excellence, employee satisfaction, and responsible business practices while maintaining its position as a leading water infrastructure distributor.

Core & Main operates in a highly regulated industry with significant oversight from environmental agencies and regulatory bodies. The company faces scrutiny related to water quality standards, environmental compliance, and the safety of water infrastructure products distributed to municipalities and contractors.

The company must comply with extensive regulations from the Environmental Protection Agency (EPA) regarding water quality, lead-free plumbing requirements, and environmental standards for water infrastructure. Core & Main works with manufacturers to ensure products meet regulatory requirements and maintains compliance programs to address evolving environmental standards.

As a distributor of essential water infrastructure, Core & Main faces scrutiny regarding supply chain reliability and product quality, particularly during periods of infrastructure emergencies or natural disasters when water system components are critical for public safety.

The company has not faced significant public controversies or major regulatory actions, operating primarily through standard business practices in the water infrastructure distribution sector. Regulatory compliance remains a core operational requirement given the essential nature of water services.