MIAMI — Watsco Inc. announced that it has signed an agreement to acquire Peirce-Phelps Inc. Closing of the transaction is subject to customary conditions and is expected to occur within the next 30 days. Peirce-Phelps will operate as a separate business of Carrier Enterprise LLC, a joint venture between Watsco and Carrier Corp. Watsco owns 80 percent of Carrier Enterprise and Carrier owns 20 percent.
Peirce-Phelps has a current annual sales of approximately $206 million. It currently serves over 9,000 customers from 19 locations in Pennsylvania, New Jersey, and Delaware. Its product offering includes residential and commercial HVAC equipment made by Carrier as well as parts, supplies, and accessories sourced from approximately 350 vendors.
“Peirce-Phelps has one of the most long-standing family legacies in our industry as evidenced by the four third-generation Peirce brothers who operate the business,” said Albert H. Nahmad, Watsco’s chairman and CEO. “They will continue to lead the company moving forward in what will be a new market for our company. We look forward to helping the Peirce-Phelps team with capital, ideas, technology, and our relationships to build on its historical success. We are pleased to become part of the Peirce-Phelps family.”
“Peirce-Phelps is excited to become a member of the Watsco family of businesses, adding our capabilities and customer focus to the largest HVAC distributor in North America,” said Brian Peirce, Peirce-Phelps’s president and CEO. “Peirce-Phelps’s 93-year legacy of serving the needs of customers in the Mid-Atlantic market will strengthen Watsco’s presence in the Northeast. We are looking forward to implementing their outstanding suite of technology platforms to help our customers continue to succeed in the market.”