Watsco, based in Coconut Grove, Fla., announced in December it had executed a definitive purchase agreement to acquire Durham, N.C.-based East Coast Metal Distributors. The transaction was expected to close by the end of January. The undisclosed purchase price is payable in a combination of cash and Watsco common stock with the cash portion coming from Watsco's cash on hand.
Watsco said the acquisition will increase its presence in the southeastern part of the United States. East Coast operates 27 locations, including 24 wholesale locations and three commercial manufacturer representative locations, and has 386 employees. The company serves more than 3,500 air conditioning and heating contractors throughout North Carolina, South Carolina, Georgia, Virginia and Tennessee, five of the top 20 markets for HVAC products in the nation, Watsco said in a statement. East Coast distributes air conditioning and heating equipment and related parts and supplies to the new construction and replacement markets.