M&A Deal Summary

Watsco and Carrier Acquire TEC

On March 16, 2021, Watsco and Carrier acquired distribution company TEC

Acquisition Highlights
  • This is Watsco’s 9th and Carrier’s 3rd transaction in the Distribution sector.
  • This is Watsco’s 8th and Carrier’s 9th transaction in the United States.
  • This is Watsco’s 1st and Carrier’s 1st transaction in Illinois.

M&A Deal Summary
Date 2021-03-16
Target TEC
Sector Distribution
Buyer(s) Watsco
Carrier
Deal Type Add-on Acquisition

Target

TEC

Chicago, Illinois, United States
TEC is a distributor of residential and commercial Carrier, Bryant, and Payne heating, air conditioning, air purification and refrigeration equipment, parts, and supplies. TEC was founded in 1935 and is based in Chicago, Illinois.

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Buyer(S) 2

Buyer

Watsco

Miami, Florida, United States
Category Company
Founded 1945
Sector Distribution
Employees7,350
Revenue 7.3B USD (2023)
DESCRIPTION

Watsco is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies in the HVAC/R distribution industry, currently operating 569 locations in 38 U.S. states, Canada, Mexico, and Puerto Rico with additional market coverage on an export basis to Latin America and the Caribbean. Watsco was founded in 1945 and is based in Miami, Florida.

DEAL STATS #
Overall 9 of 11
Sector (Distribution) 9 of 11
Type (Add-on Acquisition) 5 of 7
State (Illinois) 1 of 1
Country (United States) 8 of 10
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-03 Carrier Enterprise

Carrollton, Texas, United States

Carrier Enterprise sells a variety of products manufactured by Carrier along with approximately 25,000 SKUs of other products from 121 locations in 19 states, Puerto Rico and on an export basis to the Caribbean and portions of Latin America.

Buy $90M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-11 Acme Refrigeration

Baton Rouge, Louisiana, United States

Acme Refrigeration is a distributor of air conditioning, heating, and refrigeration products.Acme offers approximately 7,000 SKUs to over 4,000 active customers throughout 18 locations in Louisiana and Mississippi and is led by third and fourth-generation members of its founding family. Acme was founded in 1945 and is based in Baton Rouge, Louisiana.

Buy -
Buyer

Carrier

Palm Beach Gardens, Florida, United States
Category Company
Founded 2019
Sector Machinery
Employees53,000
Revenue 22.1B USD (2023)
DESCRIPTION
Carrier research center in Jupiter, Florida.
Carrier research center in Jupiter, Florida.

Carrier is a producer of heating, air-conditioning and refrigeration solutions. Carrier provides sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and foodservice customers. Carrier was founded in 2019 and is based in Palm Beach Gardens, Florida.

DEAL STATS #
Overall 10 of 14
Sector (Distribution) 3 of 3
Type (Add-on Acquisition) 8 of 12
State (Illinois) 1 of 1
Country (United States) 9 of 10
Year (2021) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-07 Beijer Ref

Malmö, Sweden

Beijer Ref is a distributor of products within commercial refrigeration, industrial refrigeration, air conditioning, and heating with a strong local and global market presence across 425 branches through which it serves more than 100,000 customerses. Beijer Ref was founded in 1866 and is based in Malmö, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-13 Giwee Group

Foshan City, China

Giwee Group is a China-based manufacturer of heating, ventilation, and air conditioning products, offering a portfolio of high-quality products such as variable refrigerant flow, modular chiller, and light commercial air conditioners. Giwee Group is based in Foshan City.

Buy -
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