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Core & Main, Inc. (CNM) is a leading specialty distributor in the United States, focusing on water, wastewater, storm drainage, and fire protection products, along with related services. The company serves a diverse customer base, including municipalities, private water companies, and professional contractors across municipal, non-residential, and residential end markets nationwide. CNM offers a comprehensive portfolio of over 225,000 products used primarily in the maintenance, repair, replacement, and new construction of water infrastructure.
- Pipes, Valves & Fittings - Provides essential components for the distribution and flow control of water within water and wastewater transmission networks.
- Storm Drainage - Supplies products used in the construction of stormwater management systems.
- Meters - Offers smart meters for water volume measurement and regulation.
- Fire Protection - Delivers products used in various buildings to extinguish and prevent the spread of fires.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark R. Witkowski ExecutiveBoard | Chief Financial Officer (CFO) | Board Member of Karla Smith Behavioral Health | Mark R. Witkowski is the Chief Financial Officer (CFO) of Core & Main since February 2016. He leads the company’s finance and IT departments and played a key role in establishing its financial functions following the separation from HD Supply, while also serving as a board member of Karla Smith Behavioral Health. | |
Stephen O. LeClair ExecutiveBoard | Chief Executive Officer | Independent Director, AAON Inc. | Stephen O. LeClair has served as the Chief Executive Officer and board member of Core & Main, Inc. since July 2021, and his prior roles include serving on the board of Holdings from September 2017 until July 2021 as well as executive roles at HD Supply Waterworks and General Electric. | View Report → |
Bradford A. Cowles Executive | President of Core & Main | Director on the board of Johnstone Supply | Bradford A. Cowles is the President of Core & Main since December 2022. He previously served as President, Fire Protection starting in January 2018 and held the Chief Operating Officer role from January 2017 to August 2019, with earlier leadership roles at HD Supply and Michelin. | |
Jeffrey D. Giles Executive | Vice President of Corporate Development | Jeffrey D. Giles serves as the Vice President of Corporate Development at CNM since April 2021. Previously, he held the role of Vice President, Corporate Development of Holdings since March 2018 and contributed significantly to acquisition-driven growth through his prior position at Barry-Wehmiller Companies, Inc.. | ||
John R. Schaller Executive | President of Core & Main | John R. Schaller has served as President of Core & Main since December 2022 and previously held roles such as President, Waterworks of Holdings from January 2018, along with leadership positions including Senior Regional Vice President and Regional Vice President. With over 40 years of industry experience and a significant tenure at Sidener Supply Company, he has consistently advanced strategic growth within the organization. | ||
Laura K. Schneider Executive | Chief Human Resources Officer | Laura K. Schneider is the Chief Human Resources Officer for Core & Main since April 2021, previously serving as Vice President of Human Resources from 2013 to 2018 and as Senior Director of Human Resources from 2011. With over 30 years of experience in human resources, she has played a pivotal role in shaping HR strategies and culture. | ||
Mark G. Whittenburg Executive | General Counsel and Secretary | Mark G. Whittenburg has served as General Counsel and Secretary of Core & Main, Inc. since April 2021, following his previous role as General Counsel and Secretary at Holdings starting in September 2017, and earlier as Vice President of Legal for Asia at Autoliv ASP, Inc. from 2014 to 2017, and in various legal roles at GE. | ||
Robyn Bradbury Executive | SVP, Finance & Investor Relations | Robyn Bradbury is the Senior Vice President of Finance & Investor Relations at Core & Main, where she has played a key role in managing the company's financial and investor relations functions for nearly a decade. She was also instrumental in the company's IPO in 2021, showcasing her extensive experience in finance and strategy. | ||
Bhavani Amirthalingam Board | Board member | Executive Vice President and Chief Customer and Technology Officer at Ameren | Bhavani Amirthalingam has been an independent board member of CNM since April 2022. She is also the Executive Vice President and Chief Customer and Technology Officer at Ameren since March 2018. | |
Dennis G. Gipson Board | Independent Board Member | Dennis G. Gipson has been an independent Board member of Core & Main, Inc. since July 2021 and is also a member of its Nominating and Governance Committee. He has over 40 years of industry experience, having served on the boards of Opco (from August 2017 to August 2019) and Holdings (from August 2019 to July 2021), and held executive positions such as CEO at Hussmann International (from 2010 to 2017). | ||
James D. Hope Board | Board of Directors – Class I Director | James D. Hope is currently serving as a Board of Directors member and Audit Committee member at Core & Main, Inc. since May 1, 2024, bringing extensive experience from his previous roles as CFO and Executive Vice President at Performance Food Group, and leadership at Sysco Corporation. | ||
James G. Castellano Board | Lead Independent Director | Director of Fiduciary Counseling, Inc.; Advisor to HBM Holdings; Advisor to Roeslein & Associates | James G. Castellano currently serves as the Lead Independent Director and Chair of the Audit Committee at CNM, having been appointed to the Lead Independent Director position on February 7, 2024 and serving on the board since August 2017. He has over three decades of experience in accounting and business leadership, including roles as Managing Partner and Chairman of RubinBrown LLP, and as Chairman of Baker Tilly International. | |
Kathleen M. Mazzarella Board | Board Member | President and CEO of Graybar Electric Company, Inc.; Chairman of Graybar Electric Company, Inc.; Director of Cigna Corporation; Director of Waste Management, Inc. | Kathleen M. Mazzarella has served as a Board Member at CNM since July 2021 and as Chair of the Nominating and Governance Committee since February 2024. She brings extensive industry expertise from her roles as President and CEO and Chairman at Graybar Electric Company, Inc.. | |
Margaret M. Newman Board | Independent Board Member and Chair of the Compensation Committee | Chief People Officer at BrandSafway; Director at Artera Services, LLC | Margaret M. Newman has served as an independent board member of Core & Main, Inc. since July 2021 and currently chairs the Compensation Committee. She has an extensive background in human resources leadership, having been Chief People Officer at BrandSafway since July 2019 and holding key roles at Keurig Dr. Pepper, Inc. and HD Supply. | |
Orvin T. Kimbrough Board | Independent Board Member | Board member of Midwest BankCentre; CEO of Midwest BankCentre; Chairman of Midwest BankCentre; Board member of Korte Construction Company; Board member of NuSource Financial | Orvin T. Kimbrough has been an independent Board member of Core & Main, Inc. since July 2021 and previously served on the board of Holdings from September 2020 until July 2021. Outside of CNM, he holds multiple active roles including serving on the board, as CEO, and as Chairman of Midwest BankCentre, as well as board memberships at Korte Construction Company and NuSource Financial. | |
Robert M. Buck Board | Independent Board Member | President and Chief Executive Officer at TopBuild Corp. | Robert M. Buck has served as an independent board member of CNM since September 2022. He brings extensive leadership experience from his role as President and Chief Executive Officer at TopBuild Corp. since January 2021. |
- Although only about one-third of the $55 billion in IIJA funding for water infrastructure has been allocated, how are the delays impacting your growth projections, and what specific actions are you taking to mitigate these challenges?
- Given your significant participation in data center projects, how are you assessing the sustainability of demand in this sector, and what risks do you foresee if there is a slowdown in data center development?
- With some suppliers receiving subpoenas related to antitrust issues, can you discuss any potential risks or impacts this may have on Core & Main, and how you are managing supplier relationships amid these developments?
- Considering that acquisitions contributed 9% to your sales growth this quarter and you've completed ten acquisitions year-to-date, how do you plan to sustain organic growth if acquisition opportunities become limited, and what challenges might arise in integrating these new businesses?
- Despite revenue growth, adjusted EBITDA margins decreased by 60 basis points year-over-year in the third quarter. In a potentially flat pricing environment in 2025, what specific strategies are you implementing to achieve the 30 to 50 basis points of margin expansion you've committed to?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Green Equipment Company | 2024 | Acquired by Core & Main on September 16, 2024 to expand its product lines in pipes, valves & fittings, and meters; Green Equipment is an underground utility protection equipment provider based in Texas. |
GroGreen Solutions Georgia, LLC | 2024 | Closed in September 2024; the acquisition involved purchasing certain assets and assuming liabilities for a company providing geosynthetics and erosion control products across 4 locations in Florida, Georgia, and Mississippi. |
HM Pipe Products LP | 2024 | Completed on August 12, 2024 in Ontario (Canada) with two locations, this acquisition expanded Core & Main’s offerings in pipes, valves & fittings and storm drainage and marked its entry into a Canadian market opportunity valued at approximately $5 billion. |
HM Pipe Products Kitchner LP | 2024 | Finalized on August 12, 2024, this acquisition of a Canadian distributor of water and wastewater products at two locations further catalyzed Core & Main’s entry into the Canadian market, estimated around $5 billion in opportunity. |
Geothermal Supply Company Inc. | 2024 | Acquired on May 6, 2024, this distributor and fabricator of HDPE pipe serves the geothermal, water, and sewer sectors, complementing Core & Main's Pipes, Valves & Fittings portfolio and strengthening its HDPE offerings. |
EGW Utilities Inc. | 2024 | Closed on April 30, 2024 at a single location in Texas, this acquisition provided Core & Main with enhanced capabilities in pipes, valves & fittings, and meters through a structure involving asset purchase and liability assumption. |
NW Geosynthetics Inc. (ACF West) | 2024 | Finalized on April 1, 2024 across six locations, this acquisition of a distributor specializing in geosynthetics and soil stabilization solutions expanded Core & Main’s reach in the erosion control market. |
DKC Group Holdings, LLC (Dana Kepner) | 2024 | Acquired on March 7, 2024, this distributor with 21 locations, part of a $585 million fiscal deal, brought water, wastewater, storm drainage, and geotextile products into Core & Main’s fold with significant purchase price allocations enhancing network capabilities. |
Eastern Supply Inc. | 2024 | This acquisition involved purchasing certain assets and assuming liabilities for a company with two locations that offers advanced storm drainage products and custom fabrication, contributing to a larger fiscal package valued at $548 million. |
J.W. D’Angelo Company, Inc. | 2023 | Closed on July 12, 2023, this full‑service provider of fire protection and waterworks products operates from three Southern California locations to bolster Core & Main's geographic and service expansion. |
Foster Supply Inc. | 2023 | Finalized on July 10, 2023 across seven locations in West Virginia, Kentucky, and Tennessee, this acquisition, offering precast concrete, pipe, drainage, and geosynthetics products, expanded Core & Main’s product and geographic footprint with a combined annualized net sales boost of approximately $100 million. |
R.P. Foster Inc. | 2023 | Also closed on July 10, 2023 as part of the Foster Supply acquisition, reinforcing Core & Main's offerings in precast concrete structures and drainage across seven locations. |
Midwest Pipe Supply Inc. | 2023 | Completed in April 2023, this one‑location distributor in Northern Iowa specializes in storm drainage and waterworks products, contributing to group annualized net sales of roughly $115 million and expanding the Midwest presence. |
UPSCO Manufacturing & Distribution Company | 2023 | Closed in April 2023 with a $40 million transaction (subject to working capital adjustments), this acquisition from the Finger Lakes region enhances Core & Main's utility infrastructure offerings through products in pipes, valves & fittings, and meters. |
UPSCO, Inc. | 2023 | Finalized on April 10, 2023 for $40 million (cash-funded), this acquisition bolsters Core & Main’s utility infrastructure segment with a detailed purchase price allocation that includes $18 million to customer relationships. |
TMB Holdings, LLC | 2023 | Acquired on April 10, 2023 as part of the UPSCO transaction, TMB Holdings further extends Core & Main’s portfolio in utility infrastructure, complementing the broader UPSCO acquisitions. |
Landscape & Construction Supplies LLC | 2023 | Closed in March 2023 with two locations in the Chicago Metropolitan area, this full‑service geosynthetics provider strengthens Core & Main’s product offerings and geographic reach in the Upper Midwest. |
Enviroscape | 2023 | Completed in November 2023 at a single location in Ohio, Enviroscape specializes in geosynthetics and erosion control products—including private label content—enhancing Core & Main's geosynthetics capabilities. |
Granite Water Works | 2023 | Announced in November 2023, this distributor operating from one location in Waite Park, Minnesota, offers pipes, valves & fittings, and storm drainage products to reinforce Core & Main's local market presence. |
Lee Supply Company | 2023 | Announced in November 2023, this acquisition of a specialty distributor with four locations across Pennsylvania, South Carolina, and West Virginia expands Core & Main’s HDPE pipe, fusion equipment, and custom fabrication offerings in the Eastern U.S.. |
Dodson Engineered Products, Inc. | 2022 | Completed in 2022, Dodson—a single‑branch distributor in Western Colorado providing water, wastewater, storm drainage, and agricultural products—fits Core & Main’s strategy for geographic expansion and market consolidation. |
Lock City Supply, Inc. | 2022 | Acquired in the first quarter of fiscal 2022, this New York‑based distributor with nearly 50 years of industry experience reinforces Core & Main’s strong local market position in water and wastewater products. |
Earthsavers Erosion Control, LLC | 2022 | Finalized on June 28, 2022 for up to $25 million, this acquisition of a three‑location distributor of geosynthetic materials involved detailed purchase price allocations (net working capital, goodwill, and customer relationships) to enhance Core & Main’s erosion control capabilities. |
Inland Water Works Supply | 2022 | Closed in August 2022, this single‑branch distributor in Southern California was acquired to drive geographic expansion and add key talent while contributing to group annualized net sales near $95 million. |
Municipal Waterworks Division of Trumbull Industries | 2022 | Completed in October 2022 with a transaction value up to $45 million, this acquisition involving three locations in Ohio and Pennsylvania was aimed at geographic and product line expansion, with allocations to net working capital, customer relationships, and goodwill supporting group annualized net sales of about $115 million. |
Recent press releases and 8-K filings for CNM.
- Leadership change: Stephen LeClair announced his transition from CEO to Executive Chair with Mark Witkowski named as the new CEO and Robyn Bradbury promoted to CFO, ensuring continuity in execution of the company’s strategy.
- Strong Q4 performance: The company achieved 18% sales growth to nearly $1.7 billion, maintained a gross margin of 26.6%, and grew adjusted EBITDA by 12% to $179 million, reflecting disciplined operational execution.
- Record full-year results: Fiscal 2024 net sales exceeded $7.4 billion with an overall growth of approximately 11%, driven by acquisitions (contributing about 9% of sales growth) and organic market share gains, supporting robust cash flow generation.
- Core & Main presented its Q4 earnings call detailing fiscal 2024 full‐year results, including strong performance improvements in net sales and adjusted EBITDA compared to the previous year (notably an 18% increase in Q4 net sales and a 12% boost in adjusted EBITDA).
- The discussion highlighted a forward-looking outlook for fiscal 2025 with expected net sales between $7,600M–$7,800M, adjusted EBITDA between $950M–$1,000M, and an adjusted EBITDA margin of 12.5%–12.8%, emphasizing growth through acquisitions and operational efficiencies.
- The call also featured key remarks from CEO Steve LeClair, CFO Mark Witkowski, and SVP Robyn Bradbury, underscoring the company’s strategic focus and addressing risk factors and non-GAAP measures as part of their performance review.
- Q4 2024 results showed net sales of $1,698 million (up 17.9%), net income of $67 million (down 11.8%), and Adjusted EBITDA of $179 million.
- For fiscal 2024, net sales rose to $7,441 million (up 11.0%) while net income declined to $434 million, with Adjusted EBITDA increasing to $930 million.
- The company announced a leadership transition, with CEO Steve LeClair moving to executive chair, Mark Witkowski taking over as CEO, and Robyn Bradbury named CFO.
- Fiscal 2025 guidance includes net sales between $7,600–$7,800 million, Adjusted EBITDA of $950–$1,000 million, and operating cash flow of $570–$650 million.
- Leadership Transition Announced: Steve LeClair will retire as CEO and transition to the role of Executive Chair, continuing as Chair of the Board effective March 31, 2025 .
- New CEO Appointment: Mark Witkowski, previously serving as CFO, is appointed as the new CEO and will also join the Board as a Class I director .
- New CFO Appointment and Board Change: Robyn Bradbury, formerly Senior VP of Finance and Investor Relations, is named CFO, and the board size increases from nine to ten directors as part of the succession plan .