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HVAC distributor Watsco Inc. (NYSE: WSO), Miami, Florida, has agreed to acquire the HVAC business of Peirce-Phelps, Philadelphia. Terms of the transaction were not disclosed.
Peirce-Phelps will operate as a separate business of Carrier Enterprise, a joint venture between Watsco and Carrier Corp. Watsco owns 80% of Carrier Enterprise.
Peirce-Phelps is one of the largest HVAC distributors in North America with current total annual sales of about $206 million. It serves more than 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 sources from about 350 vendors.