Watsco to buy ACR Group

Industrial Distribution staff -- Industrial Distribution, 7/5/2007 6:09:00 AM

Watsco Inc. agreed to acquire ACR Group Inc., a Houston-based HVAC products distributor.

The Coconut Grove, Fla.-based HVAC distributor will pay $6.75 per share for all of ACR’s outstanding stock, a 42 percent premium on the stock’s 90-day average closing price.

ACR, which had sales of $240 million last year, has 54 locations serving air conditioning and heating contractors in Florida, Texas, California, Georgia, Tennessee, Arizona, Colorado, Louisiana, Nevada and New Mexico. The company employs 503 people.

Watsco President and CEO Albert Nahmad said ACR will operate under its own name and will retain its management team.

The deal is expected to close in August.

Watsco operates 385 locations in 32 states.

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