HVAC distributor Watsco has agreed to acquire plumbing and HVAC distribution counterpart the Granite Group, company officials announced Monday.
Watsco officials said that the deal would bolster its scale and product lineup, as well as deepen its position in the plumbing market — a fragmented, growing segment that offers “compelling avenues for expansion,” the company said.
The Granite Group, based in Concord, New Hampshire, operates 82 locations across New England and New York; it offers about 29,000 SKUs to some 11,000 customers, and Watsco noted that its sales came in at about $500 million. The company will continue to operate independently following the closing of the acquisition, and will remain led by CEO Bill Condron.
Terms of the deal were not disclosed.
Miami-based Watsco says it is the largest distributor in the North American HVAC market. It has acquired 73 companies in the HVAC and plumbing sectors since 1989 and reported $7.2 billion in revenue last year.
“The Granite Group is one of the most respected, entrepreneurial businesses in our industry,” Watsco Chairman and CEO Albert Nahmad said in a statement. “For more than 50 years, the Condron family and their team have built a company defined by an extraordinary people-first culture, an entrepreneurial spirit that mirrors our own and an unwavering commitment to their customers.”
“Watsco was the logical choice for the Granite Group in that we remain independent while gaining access to Watsco’s scale, capital, and the most advanced technology platforms in the industry,” Condron said. “We could not be more excited to join the Watsco family and pursue our ambitious growth plans together.”
