Newsline

Watsco to Acquire ACR Group Inc.

July 30, 2007
/ Print / Reprints /
ShareMore
/ Text Size+

COCONUT GROVE, Fla. - Watsco Inc. and ACR Group Inc., Houston, have executed a definitive merger agreement under which Watsco will seek to acquire ACR’s outstanding common stock in a cash tender offer of $6.75 per share.

With annual sales of $240 million in its most recent fiscal year, ACR is one of the nation’s largest distributors of air conditioning and heating products. Founded in 1990, ACR operates from 54 locations serving over 12,000 air conditioning and heating contractors throughout Florida, Texas, California, Georgia, Tennessee, Arizona, Colorado, Louisiana, Nevada, and New Mexico. ACR has 503 employees and distributes a full line of air conditioning and heating equipment and related parts and supplies consisting of approximately 20,000 SKUs.

“We are very pleased to welcome ACR’s employees to the Watsco family,” said Albert Nahmad, Watsco’s president and CEO. “We recognize that ACR’s success over the years is based on the strong relationships this organization has built with HVAC contractors who want the very best service and a broad range of products available at convenient locations.”

According to Nahmad, ACR will operate as a subsidiary of Watsco under its present name and management team, Watsco will provide resources where needed to assist with ACR’s growth plans.

“Watsco is the recognized leader in the HVAC distribution industry and we are pleased to add ACR to the stable of fine companies that comprise the Watsco family,” said Alex Trevino Jr., ACR’s chairman and CEO. “Watsco’s culture of allowing its business units to operate relatively autonomously, while providing support as needed to foster growth, is synonymous with the business model that we developed at ACR. With the resources of Watsco supporting us, our employees should continue to thrive and sustain the dynamic growth rate that has characterized our company in recent years.”

For more information, visit www.watsco.com or www.acrgroup.com.

Publication date: 07/30/2007

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.

Podcasts

Kyle Gargaro, editor-in-chief of The NEWS, hosted the 2014 ACCA CEO Forum. At the event, six well-known, highly respected company executives, Gary Michel, Ingersoll Rand/Trane; Chris Nelson, Carrier Corp.; Chris Peel, Rheem Mfg. Co.; Rod Rushing, Johnson Controls; Brent Schroeder, Emerson Climate Technologies; and Doug Young, Lennox; provided individual industry outlooks and fielded questions directly from attending contractors. Listen to the entire event on the NEWSMakers podcast. Posted on April 14.

More Podcasts

THE MAGAZINE

ACHRNEWS

NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

SERVICE CALLS POLL

Which statement on service calls best applies to your business?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con