Miami, Florida-based Watsco announced it has signed an agreement to acquire the HVAC business of Peirce-Phelps. Closing of the transaction is subject to customary conditions and was expected to occur within a 30-day window after the July 18 announcement.

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.

Founded in Philadelphia in 1926, 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 sourced from about 350 vendors.