Watsco to Acquire The Granite Group, Distributor of Plumbing and HVAC Products; Revenues of $500 Million Throughout the Northeast

MIAMI, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced today that it has entered into an agreement to acquire The Granite Group, a diversified distributor of plumbing and HVAC products with approximately $500 million in sales throughout seven Northeast States. Watsco’s ownership culture, scale, OEM relationships and industry-leading technologies will be at the full disposal of Granite’s leadership team to help them accelerate beyond their impressive track record of growth.

Founded in 1971 and headquartered in Concord, New Hampshire, The Granite Group is a third-generation, family-led distributor serving customers across seven states in New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island and New York.

The Granite Group serves approximately 11,000 customers from 82 locations and offers approximately 29,000 SKUs sourced from over 450 vendors. The Granite Group has achieved a 10% annual compounded growth rate in sales since 2010 through a combination of bolt-on acquisitions and more than 30 new store openings to win new customers and better serve existing customers.

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 represents compelling avenues for expansion.

The Granite Group will operate as an independent business and will continue to be led by its existing management team, under the leadership of Bill Condron, in keeping with Watsco's disciplined strategy of investing in great leadership teams and successful cultures. The transaction is expected to close following completion of customary closing conditions and regulatory approvals.

Albert H. Nahmad, Watsco’s Chairman and CEO said: “The Granite Group is one of the most respected, entrepreneurial businesses in our industry. 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 with our scale, capital and technology to build on their track record of success. We are pleased to become part of their family.”

Bill Condron, CEO of The Granite Group, commented: “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. 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’s Buy and Build Growth Strategy

Watsco has acquired 73 businesses in the HVAC and plumbing markets since 1989, most of which were successful, multi-generation, family-owned businesses. Watsco’s buy and build strategy can be summarized as follows:

• Identify and partner with great distribution businesses
• Support their leadership team and honor the culture and legacies they created
• Ask for aggressive growth plans and help leadership achieve their ambitions 
• Motivate teams and build an ownership culture with long-term equity
• Deploy the industry’s most comprehensive suite of customer-focused technologies
• Solicit and collaborate on big ideas to foster a spirit of innovation and growth
• Build a stronger Watsco because of our association with these companies
  

On June 1, 2026, Watsco closed on the acquisition of Jackson Supply Company, a market-leading HVAC distributor with annualized sales of approximately $230 million across 25 Sunbelt locations. Jackson Supply offers a balanced product offering of HVAC equipment, parts and supplies. As importantly, Jackson Supply added to Watsco’s entrepreneurial community of leaders.

Watsco is actively seeking additional opportunities to invest and grow through acquisitions to expand its relatively low market share of the estimated $74 billion North American distribution marketplace.

About Watsco 

Watsco is the largest distributor in the highly fragmented North American HVAC market. Since entering distribution in 1989, Watsco has achieved an 18% compounded annual total shareholder return through a combination of organic growth and the acquisition of more than 70 market-leading businesses.

Watsco maintains a solid balance sheet, enabling sustained investments in growth, including the Company’s industry-leading technologies. Today, more than 70,000 contractors and technicians engage digitally, empowering them to adopt and integrate Watsco’s tools into their daily operations. The Company is also introducing AI-driven initiatives to leverage its extensive data assets and enrich the customer experience. The Company believes its technology ecosystem represents a durable and widening competitive advantage in its highly fragmented industry.

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, the seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.

Barry S. Logan
Executive Vice President
(305) 714-4102
e-mail: blogan@watsco.com