Deerfield-based Fortune Brands Home & Security Inc., a home and security products company, Friday announced the creation of a new Global Plumbing Group to accelerate growth opportunities and transform its plumbing business.
Fortune Brands also has acquired Riobel and signed an agreement to acquire ROHL and its brands to be placed under the new Global Plumbing Group.
"The creation of the GPG platform provides the foundation to accelerate growth in our plumbing segment, providing the critical infrastructure to support a multi-brand, -channel and -geography plumbing business," said Chris Klein, chief executive officer, Fortune Brands. "Most importantly, the GPG platform enhances the potential for future growth opportunities as we look to grow plumbing sales to $2.5 billion by 2020."
GPG will support the growth of multiple plumbing brands and paves the way for more acquisitions, joint ventures, supply agreements and distribution agreements.
Nicholas Fink has been named as president of the GPG. He joined Fortune Brands in 2015 from Beam Suntory where he was the president of Asia Pacific and South America, leading eight operating units in 45 markets while growing market share and integrating businesses. He brings an established track record as a results-oriented leader with strengths in international markets, industry-leading consumer brands and successful M&A transactions. Fink has been leading Fortune Brands' Global Growth & Development team since joining the company.
As a first step toward future growth and expansion, Fortune Brands recently acquired Riobel, a Canadian premium showroom brand. Riobel has about $40 million in annual sales.
The company also signed an agreement to acquire ROHL, a California-based luxury brand, which includes the ROHL and Perrin & Rowe brands, as well as a successful collection with California-based designer Michael Berman. ROHL has around $70 million in annual sales.