Watsco To Acquire Peirce-Phelps, Inc. - $206 Million Philadelphia-Based HVAC Distributor
Peirce-Phelps was founded in
Albert H. Nahmad, Watsco’s Chairman & Chief Executive Officer said: “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. 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.”
Watsco is the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that over 300,000 contractors and technicians visit or call one of its 585 locations each year to get information, obtain technical support and buy products. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. Older systems often operate below today’s government mandated energy efficiency and environmental standards. Watsco has an opportunity to accelerate the replacement of these systems at a scale greater than its competitors as the movement toward reducing energy consumption and its environmental impact continues. This is especially important since heating and cooling accounts for approximately half of the energy consumed in a typical U.S. home. Additional information about Watsco may be found at http://www.watsco.com.
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that
Barry S. Logan
Senior Vice President
Source: Watsco, Inc.