Subsequent Events

6 Months Ended

Aug. 01, 2021

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Management has evaluated events or transactions that may have occurred since August 1, 2021 that would merit recognition or disclosure in the condensed consolidated financial statements.

Acquisitions

On August 9, 2021, the Company completed the acquisition of all of the outstanding shares of Pacific Pipe Company, Inc. (“Pacific Pipe”) in a transaction valued up to $102.5 million, subject to working capital adjustments (the “Pacific Pipe Acquisition”). Given the recent closure of the Pacific Pipe Acquisition, the preliminary purchase price allocation is not available as of the date of the issuance of these unaudited condensed consolidated financial statements but is expected to primarily be ascribed to customer relationships, working capital, and fixed assets with the residual balance going to goodwill.

On August 30, 2021, the Company completed the acquisition of certain assets and assumption of certain liabilities of L&M Bag & Supply Co., Inc. (“L&M”) in a transaction valued up to $60.0 million, subject to working capital adjustments (the “L&M Acquisition”). Given the recent closure of the L&M Acquisition, the preliminary purchase price allocation is not available as of the date of the issuance of these unaudited condensed consolidated financial statements but is expected to primarily be ascribed to customer relationships, working capital, and fixed assets with the residual balance going to goodwill.

Exercise of Underwriters' Option

On August 20, 2021, Core & Main issued 5,232,558 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares of Class A common stock in connection with the IPO Transaction at the initial public offering price of $20.00 per share before underwriting discounts and commissions. Core & Main received net proceeds of approximately $99.5 million after deducting underwriting discounts and commissions. All of the net proceeds were utilized to purchase 5,232,558 newly issued Partnership Interests of Holdings at a price per unit equal to the public offering price per share less underwriting discounts and commissions. Holdings and its consolidated subsidiaries intend to use the net proceeds received from Core & Main for general corporate purposes.