MIAMI — Watsco Inc. has announced plans to acquire The Granite Group, a diversified distributor of plumbing and HVAC products with approximately $500 million in sales throughout seven Northeastern states.
Watsco’s ownership culture, scale, OEM relationships, and industry-leading technologies will be at the disposal of Granite’s leadership team to help the company grow further, a Watsco press release said.
Founded in 1971 and headquartered in Concord, New Hampshire, The Granite Group is a third-generation, family-led distributor serving customers in New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York. The company serves approximately 11,000 customers from 82 locations and offers approximately 29,000 SKUs sourced from more than 450 vendors. The Granite Group has achieved a 10% annual compounded growth rate in sales since 2010 by acquisitions and opening more than 30 new outlets to win new customers and better serve existing customers, the press release said.
Watsco’s partnership with The Granite Group adds scale, density, product diversification and deepens Watsco’s market position in the growing plumbing space, a large and fragmented market that offers opportunities for expansion, the press release said.
The Granite Group will operate as an independent business and will continue to be led by its existing management team under the leadership of CEO Bill Condron. The acquisition is expected to close following completion of customary closing conditions and regulatory approvals.
“The Granite Group is one of the most respected, entrepreneurial businesses in our industry,” said Albert H. Nahmad, Watsco’s chairman and CEO. “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. We look forward to their inclusion in our ownership culture and to support their plan for growth.”
“We have long admired Watsco — its people, its culture, and the values that have guided the company. We share similar cultures and think about the business in similar ways,” said Condron. “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. We could not be more excited to join the Watsco family and pursue our ambitious growth plans together.”
Watsco has acquired 73 businesses in the HVAC and plumbing markets since 1989, most of which were successful, multi-generation, family-owned businesses. On June 1, Watsco closed on the acquisition of Jackson Supply Co., a market-leading HVAC distributor with annualized sales of approximately $230 million across 25 Sunbelt locations.
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