Core & Main, Inc.

Core & Main, Inc. (NYSE: CM) is a leading specialty distributor of water, wastewater, storm drainage, and fire protection products and related services. The company operates through a network of over 370 branch locations across the United States and Canada, serving as a critical link between more than 5,000 suppliers and a diverse customer base exceeding 60,000 accounts. The company's website is www.coreandmain.com.

Core & Main's comprehensive product portfolio comprises more than 225,000 items across four primary categories: pipes, valves and fittings, which represent approximately 67 percent of net sales; storm drainage products at 16 percent; fire protection products at 8 percent; and meters and advanced metering infrastructure at 9 percent. The company serves three primary end markets: municipal infrastructure projects accounting for approximately 44 percent of fiscal 2025 net sales, non-residential construction at 38 percent, and residential development at 18 percent. The addressable market for these products and services is estimated at approximately $44 billion annually in the United States and Canada.

The company employs approximately 5,600 associates, with the majority assigned to local branches supporting customer project needs. Core & Main operates as a holding company with primary material assets consisting of its ownership interest in Core & Main Holdings, LP and associated deferred tax assets. The company's organizational structure includes district and regional management supporting its branch network, complemented by centralized functions in sales, operations, sourcing, finance, and technology.

Core & Main's history traces back to 1874 through its legacy distribution companies. The business was established in its current form following CD&R's acquisition of HD Supply Waterworks in 2017 and subsequent rebranding. The company completed its initial public offering in July 2021. Core & Main maintains strong supplier relationships with its largest single supplier representing approximately 7 percent of product expenditures and the top ten suppliers accounting for approximately 45 percent of total product expenditures. The company faces competition primarily from one other national distributor, with the remainder of the market served by hundreds of regional and local competitors.