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.
Watsco to Acquire ACR Group Inc.
July 30, 2007