Trian Partners Activist Presentation Deck
We Believe Ferguson is a Far Superior Business to Broadline
Industrial Distributors
Branch-Oriented
Businesses
Trade Contractor
Oriented Sale
Limited Competitive
Universe
Job-Site Delivery & Next
Day Availability Critical
Residential & Commercial
RMI Oriented Business
Gross Margin Trends (4)
FERGUSON
Broadline Industrial MRO Distributors
(1)
Source: Company filings.
(1) Fastenal is a branch-based distributor but sells broadline MRO products to end-users.
(2) Represents HD Supply's facilities maintenance business which constitutes the majority of HD Supply's enterprise value.
(3) HD Supply is driven by MRO spend into multi-family and other living spaces.
(4) See page 19 for supporting data.
FASTENAL HD SUPPLY
GRAINGER.
MSC
FOR THE ONES WHO GET IT DONE
X
X
X
X
x
(2)
BUILT
TO MAKE
YOU BETTER™
Catalogue / Internet
Driven
Direct sale to end
customer
Multiple competitors
sell broadline
Customer less time
sensitive
Industrial
Production driven(³)
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