Written on: July 22, 2019 by ICM
Watsco, Inc. is acquiring the HVAC business of Philadelphia-based Peirce-Phelps, Inc. Peirce-Phelps is expected to operate as a separate business of Carrier Enterprise, LLC, a joint venture between Watsco and Carrier Corp. in which Watsco owns 80% and Carrier owns 20%. Financial terms of the deal were not disclosed.
Peirce-Phelps was founded in Philadelphia in 1926 and is one of the largest HVAC distributors in North America with current annual sales of approximately $206 million. It serves more than 9,000 customers from 19 locations in Pennsylvania, New Jersey and Delaware.
“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 & 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,” added Brian Peirce, Peirce-Phelps’ President & CEO. “Peirce-Phelps’ 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.”
