Whilst it can be exciting to invest in growth shares like Domino’s Pizza Enterprises Ltd. (ASX: DMP) and Altium Limited (ASX: ALU), sometimes boring investments can be just as rewarding.

One such company that fits the bill in my opinion would be Reliance Worldwide Corporation Aus P Ltd (ASX: RWC). As a global provider of water control systems and plumbing solutions for domestic, commercial, and industrial applications it certainly isn’t going to be a company that gets investors overly excited.

But don’t let that fool you into thinking this isn’t a high-quality company. Reliance Worldwide is a fantastic company in my view and the solid full year results it reported this morning go some way to showing this.

This morning the recently listed company reported net sales of $534.4 million, up 18% on FY 2015 and just about in line with its prospectus forecast. On the bottom line Reliance Worldwide delivered net profit after tax of $52.1 million, 2% higher than the prospectus forecast of $51.3 million.

Over two-thirds of its sales came from the Americas thanks to its strong presence in the region through retailers such as Walmart and Home Depot. This is likely to be given a small boost late next year thanks to the recent announcement that the company has entered into a sole supplier agreement with home improvement giant Lowe’s for its SharkBite push-to-connect fittings.

The agreement means Reliance Worldwide’s products will be the only ones available in their respective categories in its 1,700 stores late in FY 2017. Although I expect there to be a lift in sales in the final quarter of FY 2017, it won’t be until FY 2018 that we see a notable increase as a result of the agreement in my opinion.

For FY 2017 management confirmed its prospectus net profit after tax forecast for FY2017 of $62.6 million. This will be a 20% increase year on year and it means the shares are changing hands at approximately 27x estimated FY 2017 earnings.

Whilst this puts it in line with industry peer Reece Ltd (ASX: REH), I believe it has much stronger growth prospects that make it a far better investment option today. Thanks to its growing distribution and market-leading position in the US, I believe it would be a fantastic long-term buy and hold investment.

Lastly, before making an investment in Reliance Worldwide or any other shares, I would highly recommend taking a look to see if you own either of these three wealth-destroying shares. Each may be harming your portfolio and may be best swapped out if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.