ADS completes NDS acquisition, realigns to two segments, refinances debt to 2034

Filed May 21, 2026 · Period ending March 31, 2026 · Compared to 10-K May 15, 2025 · ~2 min read

Key Changes

• high

  Acquired National Diversified Sales (NDS) for residential stormwater products in February 2026, expanding into retail channels and adding $1B to addressable market (now $16B total). NDS represents 23% of assets but contributed negative 1% to net income in the stub period.

  Business: NDS acquisition verify on EDGAR →
• high

  Restructured from four segments (Pipe, Infiltrator, International, Allied) to two (Stormwater, Wastewater), changing profitability metric from adjusted gross profit to Adjusted EBITDA. Segment realignment reflects post-NDS management view of the business.

  Business: segment realignment verify on EDGAR →
• high

  Issued $500M of 5.375% senior notes due 2034, redeemed all $350M of 2027 notes, and refinanced credit facility (revolver increased to $750M, new $600M term loan). Debt maturities now extend to 2031-2034, reducing near-term refinancing risk.

  Notes: 2034 Notes issuance and Term Loan refinancing verify on EDGAR →