Bryan Blair

Garik Shmois

John Lovallo

Matthew Bouley

Michael Halloran

David Tarantino

Ryan Connors

Trey Grooms

Collin Merano

Ethan Roberts

Jeffrey Hammond

- Advanced Drainage Systems (ADS) has signed an agreement to acquire National Diversified Sales (NDS) for **$1 billion** in an **all-cash** transaction.  **[1604028_2154121_0]** 
- The acquisition is valued at approximately **10 times NDS' adjusted EBITDA** from the trailing 12 months ended June 30, 2025, inclusive of expected run-rate cost synergies.  **[1604028_2154121_0]** 
- The transaction is expected to be **accretive to adjusted EPS in the first year** and drive **$25 million in expected annual cost synergies by year three**.  **[1604028_2154121_0]** 
- The acquisition will be funded through **cash on hand** and ADS' **existing revolving credit facility**, with pro forma net debt expected to be **1.6 times** at closing.  **[1604028_2154121_3]** 
- The transaction is anticipated to close in the **first calendar quarter of 2026**, subject to customary regulatory approvals.  **[1604028_2154121_3]**

Advanced Drainage Systems to acquire National Diversified Sales

- Advanced Drainage Systems, Inc. (ADS) has entered into a definitive stock purchase agreement to acquire National Diversified Sales (NDS), the water management business of Norma Group SE, for approximately **$1.0 billion** in an all-cash transaction.  **[1604028_0001193125-25-212097_d920204dex991.htm:0]** **[1604028_0001193125-25-212097_d920204d8k.htm:1]** **[1604028_0001193125-25-212097_d920204dex992.htm:4]** 
- The acquisition is valued at approximately **$875 million** when adjusted for the present value of expected tax benefits and is anticipated to close in the **first quarter of 2026**.  **[1604028_0001193125-25-212097_d920204dex991.htm:0]** **[1604028_0001193125-25-212097_d920204dex991.htm:1]** **[1604028_0001193125-25-212097_d920204d8k.htm:1]** **[1604028_0001193125-25-212097_d920204dex992.htm:4]** 
- NDS generated **$313 million** in revenue and **$62 million** in Adjusted EBITDA over the trailing twelve months ended June 2025.  **[1604028_0001193125-25-212097_d920204dex991.htm:0]** **[1604028_0001193125-25-212097_d920204dex992.htm:4]** 
- The transaction is expected to be **accretive to adjusted EPS in the first year** and unlock **over $25 million in expected annual cost synergies** to be fully realized within three years.  **[1604028_0001193125-25-212097_d920204dex991.htm:0]** **[1604028_0001193125-25-212097_d920204dex991.htm:1]** **[1604028_0001193125-25-212097_d920204dex992.htm:4]** 
- This acquisition expands ADS's offerings in residential water management solutions, access boxes, and irrigation, broadening its total addressable market by entering the **$1.5 billion landscape irrigation segment**.  **[1604028_0001193125-25-212097_d920204dex991.htm:0]** **[1604028_0001193125-25-212097_d920204dex991.htm:1]** **[1604028_0001193125-25-212097_d920204dex992.htm:4]**

Advanced Drainage Systems, Inc. to Acquire National Diversified Sales for $1.0 Billion

- Advanced Drainage Systems (ADS) will acquire National Diversified Sales (NDS), the water management business of Norma Group SE, for approximately **$1.0 billion**, or **$875 million** when adjusted for the present value of expected tax benefits.  **[1604028_2153203:1]** 
- The transaction is an all-cash acquisition, funded by cash on hand and ADS' existing revolving credit facility, with proforma net debt expected to be **1.6x** at closing.  **[1604028_2153203:1]** 
- Approximately **$25 million** of annual cost synergies are expected to be realized by year 3, and the acquisition is anticipated to be immediately accretive to Adjusted EPS in the first year of ownership.  **[1604028_2153203:1]** **[1604028_2153203:6]** 
- NDS, a leading U.S. supplier of residential stormwater management, landscape irrigation, and connecting flow management components, reported **~$313 million** in revenue and **~$62 million** in Adjusted EBITDA for the trailing twelve months ended June 2025.  **[1604028_2153203:2]** 
- The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the **first quarter of CY2026**.  **[1604028_2153203:1]**

Advanced Drainage Systems Announces Acquisition of NDS

ADVANCED DRAINAGE SYSTEMS (WMS)