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.