Featured Company News – Watsco’s Business Unit Acquires 35% Stake in HVAC Distributor Russell Sigler

LONDON, UK / ACCESSWIRE / June 23, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Unit of Watsco, Inc. (NYSE: WSO), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=WSO. The Company announced on June 21, 2017, that its business unit has acquired 35% stake in Tolleson, Arizona based Russell Sigler Inc. The acquisition was made by Watson’s Carrier Enterprise business unit, a joint venture between Watsco and Carrier. The all-cash investment is valued at approximately $63.6 million. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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As part of the agreement, Watsco has exclusive rights to acquire an additional stake in Russell Sigler from its shareholders who opt to sell their holdings in the future. The acquisition is part of Watsco’s long-term business strategy to invest in partner Companies that have an established business and help Watsco to expand its footprint in the Western region of US.

Commenting on the acquisition of the stake in Russell Sigler, Albert Nahmad, Chairman and CEO of Watsco, said:

“One of the great stories and legacies of a family business in our industry is that of Russell Sigler. He built a great business, raised a wonderful family, and was a true legend in every sense of the word. The Sigler organization has our respect, admiration, and commitment to providing ideas and assistance to build on its historical success. It is truly an honor to become part of the Sigler family.”

About Russell Sigler

Russell Sigler was established in 1950 in Tulsa, Oklahoma and has been an independent HVAC distributor since then. It is one of the largest distributors for Carrier and Bryant and has 30 locations in the Southwestern US including Arizona, California, Idaho, New Mexico, Nevada, and portions of Texas. The Company’s Replacement Components Division also has direct replacement parts for Carrier and Bryant equipment under the Factory-Authorized label (FAP). Apart from these, the Company sells residential and commercial HVAC equipment and parts, supplies and accessories sourced from over 700 vendors. Its business services over 10,000 customers and has annual sales of approximately $650 million.

About Watsco

Watsco was founded by William Wagner and started off as Wagner Tools in 1947 as a heating and cooling equipment and door and window parts manufacturer. Watsco became a publicly traded Company and took on the current name in 1963. It was later listed at the New York Stock Exchange (NYSE) in 1994. Albert H. Nahmad has been with the Company since 1972 after acquiring controlling interest from William Wagner. The Company has grown aggressively through a number of strategic acquisitions over the years.

Watsco is currently the largest distributor of air conditioning, heating, and refrigeration equipment and related parts and supplies (HVAC/R) in the HVAC/R distribution industry. It has over 5,050 employees and nearly 88,000 active customers. Watsco is present across 565 locations in the U.S., Canada, Mexico, and Puerto Rico with additional market coverage on an export basis to Latin America and the Caribbean.

The Company’s revenues for FY 2016 were $4.2 billion.

About Watsco’s Carrier Enterprise Unit

Watsco’s Carrier Enterprise unit distributes Carrier, Bryant, and Payne brands of residential, light-commercial, and applied commercial HVAC products. It is also the premier Aftermarket distributor and offers top Aftermarket brands of parts, supplies, installation accessories, tools, and instruments. The business unit has over 1,600 trained HVAC professionals across 150+ locations across 28 states in the U.S. and Puerto Rico, and covers Latin America and the Caribbean via exports.

Last Close Stock Review

On Thursday, June 22, 2017, the stock closed the trading session at $155.10, marginally rising 0.45% from its previous closing price of $154.40. A total volume of 436.40 thousand shares have exchanged hands, which was higher than the 3-month average volume of 294.43 thousand shares. Watsco’s stock price surged 6.21% in the last three months, 3.36% in the past six months, and 14.85% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 4.71%. The stock is trading at a PE ratio of 30.21 and has a dividend yield of 2.71%. At Thursday’s closing price, the stock’s net capitalization stands at $5.54 billion.

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