Former Wolseley exec joins private equity group
Chip Hornsby, former president and CEO of Wolseley, has joined Advent International’s Operating Partner Program. Hornsby will advise Advent, a global investment and corporate buyout firm, on opportunities in the distribution and building products sector. Hornsby will principally work with Advent’s U.S. deal team, which is looking to invest up to $1 billion of equity capital, according to an Advent spokesperson.
Hornsby served as president and CEO of Wolseley, the former parent company of Stock Building Supply, from 2006 to 2009. Prior to that, Hornsby was the president and CEO of Ferguson Enterprises, Wolseley’s plumbing supply distribution business in North America. He drove sales expansion from $3 billion to $9 billion during his five-year tenure at Ferguson, where he began his career and worked for 27 years.
Hornsby serves on the board of directors for Goodman Global, a $2 billion manufacturer and distributor of HVAC equipment, and Univar Inc., a $7 billion chemicals distributor. He is the former chairman of the National Association of Wholesaler-Distributors.
Advent International has been an active investor in building products, distribution and construction supply for more than 20 years, and has invested in more than 20 companies in these sectors. Most recently, Advent purchased a majority share of Bradco Supply in 2008 and subsequently sold it to ABC Supply in 2010.