Builders' merchants Wolseley has been sold in a £308 million deal.
Parent company Ferguson has agreed the deal for the Warwick-based heating and plumbing business with US private equity firm Clayton, Dubilier & Rice.
The transaction is expected to complete by the end of January with proceeds to be used for a shareholder special dividend.
Woseley operates around 540 branches UK, four distribution centres including one in Worcester and employs in the region of 5,000 staff.
Ferguson's chief executive Kevin Murphy said: "Wolseley is a leading heating and plumbing distribution business in the UK and we are confident the business will benefit from working with its new owners.
"Clayton, Dubilier & Rice will develop the business further by focusing on continued opportunities in the industry.
"We'd like to thank all our associates for their tireless hard work while they have been part of the group, especially recently through the covid-19 pandemic. We wish them all the very best for the future.
"The transaction further simplifies the group and allows us to focus entirely on investing in and developing our business across North America where we have the greatest opportunities for profitable growth."
