Core & Main Inc.

Who owns Core & Main?
Core & Main is a publicly traded company listed on NYSE under ticker CNM. The company is owned by institutional investors, mutual funds, and individual shareholders. Clayton, Dubilier & Rice (CD&R), the private equity firm that acquired the business in 2017, remains a significant shareholder but has reduced its stake through secondary offerings since the 2021 IPO. Major institutional shareholders include Vanguard Group and BlackRock.

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, raising approximately $756 million at a valuation of approximately $5.2 billion. CD&R has since reduced its ownership stake through secondary offerings.

What does Core & Main distribute?
Core & Main distributes water, wastewater, storm drainage, and fire protection products. Its primary product categories include pipes, valves, and fittings (approximately 67% of sales), storm drainage products (approximately 16%), water metering products (approximately 9%), and fire protection products (approximately 8%). The company sells these products to municipalities, private water companies, and professional contractors.

What is Core & Main's revenue?
Core & Main reported net sales of approximately $7.0 billion for fiscal year 2025 (ended February 2, 2026). This represented a decline from FY2024 net sales of approximately $7.7 billion, reflecting softer construction activity and municipal spending patterns. The company continues to generate free cash flow and returns capital to shareholders through share repurchases.

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 predecessor business, HD Supply Waterworks, was formed in 2005 when Home Depot acquired National Waterworks Holdings and merged it with Hughes Supply's waterworks division. Core & Main 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. Each branch serves as a local distribution center, maintaining inventory and providing customer service to municipalities and contractors in its geographic area. The company expanded into Canada through the acquisition of Canada Waterworks in September 2025.

Who is the CEO of Core & Main?
Steve LeClair serves as CEO of Core & Main. He has led the company through its IPO, post-IPO acquisition strategy, and expansion into Canada. The company is governed by a board of directors that includes independent directors along with representatives affiliated with CD&R.

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. This acquisition was the founding event for Core & Main as a standalone entity.

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 to build out its branch network.

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 the IPO, CD&R began reducing its ownership stake through secondary offerings.

Core & Main continued its acquisition strategy after going public. The company acquired Distributors Inc., a fire protection distributor in Hawaii, in 2022. In July 2023, Core & Main acquired J.W. D'Angelo Co., a fire protection and waterworks distributor in Southern California. In September 2025, the company acquired Canada Waterworks, marking its expansion into the Canadian market. In January 2026, Core & Main acquired Pioneer Supply, a regional distributor in Texas and Oklahoma.

For fiscal year 2025 (ended February 2, 2026), Core & Main reported net sales of approximately $7.0 billion. This represented a decline from FY2024 net sales of approximately $7.7 billion, reflecting softer construction activity and municipal spending patterns. The company has continued to generate free cash flow and has returned capital to shareholders through share repurchases.

Core & Main publishes an ESG report and has made commitments related to environmental responsibility and community engagement. The company's sustainability initiatives focus on energy efficiency in its branch operations, fleet optimization to reduce fuel consumption, and waste reduction in its distribution processes.

The company's core business supports essential water services, which gives it a natural alignment with environmental sustainability. By distributing products that enable clean water delivery and wastewater treatment, Core & Main plays a role in maintaining public health infrastructure. However, the company is a distributor, not a manufacturer, so its direct environmental footprint is limited to logistics and facility operations.

Core & Main is not a Certified B Corporation. The company does not have Science Based Targets initiative (SBTi) commitments for emissions reduction. The company's sustainability reporting is self-disclosed and should be evaluated as first-party information.

The company maintains compliance programs for environmental regulations, including EPA standards for lead-free plumbing products and water quality requirements. Core & Main works with manufacturers to ensure that distributed products meet applicable regulatory standards.

Core & Main operates in a regulated industry with oversight from environmental agencies and regulatory bodies. The company must comply with Environmental Protection Agency (EPA) regulations regarding water quality standards, lead-free plumbing requirements, and environmental standards for water infrastructure products. The company works with manufacturers to ensure product compliance.

As a distributor of essential water infrastructure, Core & Main faces scrutiny regarding supply chain reliability and product quality, particularly during infrastructure emergencies or natural disasters when water system components are critical for public safety. The company does not manufacture products, so product quality liability ultimately rests with manufacturers, but Core & Main plays a role in ensuring that compliant products reach end customers.

The company has not faced significant public controversies or major regulatory actions. Core & Main operates through standard business practices in the water infrastructure distribution sector. The company's private equity ownership history through CD&R has drawn some attention from labor advocates concerned about cost-cutting and workforce impacts, but no specific controversies have materialized.

The company's acquisition strategy has drawn some scrutiny regarding market consolidation. As Core & Main acquires regional distributors, questions have been raised about reduced competition in local markets. However, the water infrastructure distribution market remains fragmented, and Core & Main's acquisitions have not reached a level that would trigger antitrust concerns.