Watsco acquires Carrier's Canadian distribution business
US distributor Watsco Inc is to acquire Carrier's hvac distribution network in Canada. The business will operate as a joint venture under the name Carrier Enterprise Canada with Watsco owning 60% and UTC Climate, Controls & Security 40%. The companies operate similar joint ventures in the US, Latin America and the Caribbean.
The Canadian distribution network operates 35 locations and had revenues of approximately $330m in 2011 serving 5,000 customers in all of the provinces and territories of Canada. The joint venture will operate as a stand-alone business using its existing infrastructure under the leadership of its present management team. Following the transaction, Watsco's annual revenue run-rate will approximate $3.4bn.
Carrier Enterprise was formed as a joint venture between Watsco and Carrier in 2009.