We participated in the $918m IPO of Reliance World Corporation (RWC) at 21x FY17 PE. RWC designs and manufactures ‘behind-the-wall’ plumbing fixtures in Australia, US, Canada and increasingly in Europe. The business has its origins in Australia where it predominantly served the wholesale/OEM channel (e.g. Reece, Tradelink). RWC enjoyed a step-change with the launch of the push-to-connect (PTC) ‘Sharkbite’ product in 2004 and an exclusive arrangement with US retail hardware retailer, Home Depot. The US now represents > 60% of revenues where PTC represents ~8% of market volumes (est. 25-30% by value) and RWC has an 80% share. The business has been family owned throughout its history, with key management tenure an added feature. Post-IPO, the vendors hold a 40% stake. Read the full article below for our portfolio changes this quarter.