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Core & Main completes acquisition of Geothermal Supply Company

News | May 17, 2024 | By:

Core & Main has closed its previously announced acquisition of substantially all of the assets of Geothermal Supply Company Inc. (GSC). GSC is a leading distributor and fabricator of high-density polyethylene (HDPE) pipe and other related products, primarily serving the geothermal, water and sewer industries from a single location in Horse Cave, Ky.

“Adding GSC to the Core & Main family will create exciting new opportunities for us in an important and expanding area for HDPE,” said Steve LeClair, chairman and CEO of Core & Main. “The GSC team’s wealth of knowledge and expertise in the industry fit in well with our existing fusible product offering, and we are confident this will be a positive partnership for both new and existing customers.”

GSC has been a leading provider of HDPE products since its start in 1996. The GSC team provides an array of fusible offerings specifically designed to aid in installing and maintaining geothermal systems, as well as water and sewer.

“GSC has set an exceptional example with their unwavering commitment to providing top-notch service and building strong customer relationships,” said Jack Schaller, president of Core & Main. “We look forward to welcoming them to Core & Main and incorporating their expertise to further strengthen our fusible offerings.”

“From the beginning, GSC set out to fill a void in the industry by delivering the highest quality HDPE products and services to help customers achieve success,” added Matt Lile, owner and operations manager of GSC. “Joining Core & Main will offer our team continued opportunities to deliver on these goals. I am immensely proud of our progress and growth over the years and eagerly anticipate all we can accomplish as part of Core & Main.”

Core & Main also recently announced that James D. Hope has been appointed to its board of directors. Hope has extensive experience, having held several executive level roles in the areas of finance, sales and operations, in addition to public company board experience.

“We are very pleased to welcome Jim to our board,” LeClair said. “Jim is a proven leader who has helped create value through strategic planning and operational execution throughout his career. His deep financial expertise and leadership experience will be invaluable to Core & Main and its stakeholders.”

From 2018 until his retirement at the end of 2022, Hope served as executive vice president and chief financial officer for Performance Food Group Company (PFG), a leading marketer and distributor of food and food-related products across the United States. Prior to that position, Hope served as PFG’s executive vice president of operations from 2014 to 2018. Prior to joining PFG, Hope spent 26 years in various leadership roles at Sysco Corporation, most recently serving as executive vice president of business transformation. Hope brings to the board a well-rounded background, including public company accounting and reporting, mergers and acquisitions, strategic planning, and risk management and mitigation.

“It is an honor to be joining Core & Main’s board of directors,” Hope said. “I look forward to sharing my experience in finance and capital markets, distribution and M&A to further enhance the company’s strategic vision and long-term growth opportunities.”

Hope becomes the eighth independent director on Core & Main’s nine-member board. In addition to Hope, independent directors include Bhavani Amirthalingam, Robert Buck, James Castellano, Dennis Gipson, Orvin Kimbrough, Kathleen Mazzarella and Margaret Newman. Information about Core & Main’s board of directors, including their bios, can be found here. Learn more about Core & Main here.

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