The Reece Group

What The Reece Group does

The Reece Group is an Australian-headquartered trade distribution company that supplies plumbing, bathroom, kitchen, and water infrastructure products to trade professionals (plumbers, builders, contractors) across Australia, New Zealand, and the United States. Founded in 1920 in the Melbourne suburb of Caulfield as a hardware store, the company has evolved over more than 100 years into a global trade distributor, listed on the ASX under ticker REH and legally organized as Reece Limited, with a US regional headquarters in Dallas, Texas. The product portfolio centers on the core Reece brand (ANZ and US), the Fortiline waterworks distribution brand (US, acquired), and the Reece USA Bath+Kitchen premium showroom line.

The business operates as a physical-first trade distribution network, generating revenue through transactional sale of essential building materials rather than subscription or licensing models. Distribution is delivered through an extensive branch network of physical locations serving local trade communities, complemented by showrooms (such as the Houston Bath+Kitchen showroom opened in January 2025) and online platforms including reece.com and fortiline.com. The company added 39 net new branches in FY25 (15 in ANZ, 24 in the US) while pursuing selective M&A — including Fortiline's acquisition of Belair Road Supply in March 2025 — to extend its US waterworks footprint.

In FY25, Reece generated $8.98B in sales (down 1% YoY), $901M EBITDA (down 11% YoY), and $548M EBIT (down 20% YoY), reflecting weak demand across both ANZ and US markets. Despite earnings pressure, the company maintained a sound balance sheet with $600M operating cash inflow and 0.8x EBITDA leverage, funding continued branch expansion. No proprietary technology platform or AI capabilities are disclosed; the moat is anchored in physical distribution density, 100+ year brand reputation, and procurement scale across three countries with 10,000+ employees.

Name

The Reece Group

Legal name

Reece Limited

Website

https://reecegroup.com.au

Company type

Public

Founded year

1920

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

The Reece Group is an ASX-listed trade distributor (ticker REH) supplying plumbing, bathroom, kitchen, and water infrastructure products to plumbers, builders, and contractors across Australia, New Zealand, and the United States via an extensive physical branch and showroom network spanning 100+ years.

Ownership category

akta.pro rank

Product category

Trade Distribution - Plumbing, Bathroom, and Kitchen Supplies

NAICS

Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers (423720), Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers (42372)

SIC

Wholesale-Hardware & Plumbing & Heating Equipment & Supplies (5070)

akta.pro primary industry

Plumbing Parts & Supplies Retail (Pipes, Valves, Fittings) (CRAIADAD)

Keywords

• Trade distribution
• Plumbing supplies
• Bathroom fixtures
• Water infrastructure
• Building materials

Headquarters

HQ city

Burwood

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure

Revenue model

1. Trade Distribution: Reece Group generates revenue through the distribution of plumbing, bathroom, and kitchen supplies to trade professionals (plumbers, builders, contractors). Revenue is derived from the sale of essential building materials and supplies across Australia, New Zealand, and the United States markets.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

The Reece Group distributes plumbing, bathroom, kitchen, and water infrastructure supplies to trade professionals (plumbers, builders, and contractors) across Australia, New Zealand, and the United States. It operates an extensive network of physical branches, showrooms, and online platforms selling essential building materials under the Reece, Fortiline, and Reece USA Bath+Kitchen brands. The company focuses on supplying the trades that support the movement of essential services such as water for residential and commercial construction.

Product overview

The Reece Group operates as a single unified trade distribution platform serving the plumbing, water, and essential services sectors. The core Reece brand handles distribution across Australia, New Zealand, and the US markets, complemented by the Fortiline acquisition (acquired brand) for US waterworks operations, and the Reece USA Bath+Kitchen product line for premium bath and kitchen offerings. The company maintains an extensive branch network with 15 net new branches added in ANZ and 24 in the US during FY25.

Differentiator

Problem solved

Functional benefit

Brands

• Reece Bath+Kitchen: Bath and kitchen showroom brand for the US market
• Fortiline
• $100 for 1000

Products and services

• Reece Trade Distribution Core Reece brand trade distribution business serving Australia, New Zealand, and the United States. Provides essential services products including plumbing, water, bathroom, kitchen, and related trade supplies to plumbers, builders, and contractors.
• Fortiline Trade Distribution Reece Group's US-based subsidiary operating as a waterworks and plumbing supply distributor for trade customers in the US market.
• Reece USA Bath+Kitchen Showrooms Dedicated bathroom and kitchen product showroom and distribution offering serving the US market, featuring premium bath and kitchen fixtures and accessories for trade customers.

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Ferguson Enterprises: Ferguson is the largest US-based plumbing, HVAC, and waterworks distributor and Reece's most direct global peer. Both companies run multi-branch trade distribution networks serving plumbers, builders, and contractors with overlapping product categories.
• Reliance Worldwide Corporation: Reliance Worldwide is an ASX-listed manufacturer and distributor of plumbing fittings, valves, and water control products. It is a direct peer given its Australian listing, plumbing product overlap with Reece, and shared ANZ trade channel exposure.
• Winsupply: Winsupply is a US cooperative-style distributor of plumbing, HVAC, and industrial supplies serving trade contractors. It is comparable to Reece given its branch-network trade distribution model and exposure to plumbing and water infrastructure end markets.
• GWA Group: GWA Group is an ASX-listed Australian supplier of bathroom, kitchen, and plumbing products under brands including Caroma. It is comparable to Reece given its ANZ focus, bathroom/kitchen product overlap, and trade customer base.
• Hajoca Corporation: Hajoca is a large US privately-held plumbing and waterworks distributor with an extensive branch network. It is highly comparable to Reece given its similar mix of plumbing supplies, branch-led trade distribution model, and family/private ownership profile.

Broad incumbents

• Masco Corporation: Masco is a US manufacturer of branded plumbing (Delta Faucet) and decorative architectural products. It is a broad incumbent touching Reece's category through the wholesale plumbing channel even though its core model is branded manufacturing rather than distribution.
• Lowe's Companies: Lowe's is a major US home improvement retailer serving both DIY and Pro trade customers with plumbing and bathroom categories. It is a broad incumbent competing with Reece for Pro trade spending and supplier mindshare in the US market.
• The Home Depot: Home Depot is a broad home improvement retailer carrying plumbing, bathroom, and kitchen products alongside its wider category mix. It is a broad incumbent competitor to Reece's trade distribution model in the US given its scale, Pro customer programs, and supply chain reach.

Regional players

• Tradelink: Tradelink is a UK-focused merchant of plumbing, heating, and bathroom products serving trade installers. It is comparable to Reece in business model and product mix but operates primarily in the UK rather than ANZ or the US.

Emerging players

• Fortune Brands Innovations: Fortune Brands Innovations owns plumbing brands such as Moen and is an emerging peer intersecting with Reece via branded plumbing products sold through trade channels. It is comparable in product category but operates upstream as a manufacturer/distributor rather than a pure branch wholesaler.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/reece-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Reece Group