British to Pay $99 Million for Van Nuys Firm

Familian Corp., one of Los Angeles’ oldest companies and the second-largest distributor of plumbing supplies nationwide, has agreed to be acquired by a British building materials company for $99.2 million.

Wolseley PLC of London, which will become the largest plumbing parts distributor in the United States as a result of this and previous acquisitions, plans to expand Familian nationwide, according to President Bernard Shapiro, 57, who will continue to run the privately held Van Nuys company after the sale is completed.

Shapiro said Familian will increase the number of distribution centers--now at 55, located primarily in California, Hawaii and Arizona--by 25% annually.

At first, “the company was not for sale,” Shapiro said. “But they made us a very good offer.” Shapiro and his brother, Leonard, 59, purchased the 60-year-old firm in 1962 from founder David Familian. Under the Shapiros, Familian sales grew to $320 million for fiscal 1987 from $8 million, and the company acquired numerous small firms, including a plastics maker and mobile home equipment manufacturer. The company had estimated pretax profit of $15.6 million and employed more than 1,300 people.

The Shapiros, through their Shapco Inc. holding company, will retain some pipe and real estate businesses. Shapiro said he and his brother will now devote more attention to real estate development, including a 1,300-acre residential and commercial project in Castaic.

Wolseley will also assume $19 million of Familian debt.