Watsco Acquires Southern Ice Equipment Distributors

MIAMI, May 05, 2025 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced that it has completed the acquisition of Southern Ice Equipment Distributors as well as two other transactions completed thus far in 2025. Terms of the transactions were not disclosed. Founded in 1984 and based in Lafayette, Louisiana, Southern Ice is a leading distributor of food-service and commercial refrigeration equipment, parts and supplies, including products manufactured by Manitowoc Ice, a division of Pentair plc. The Company operates seven locations in key Sunbelt markets including Louisiana, Mississippi, Arkansas, Texas, New Mexico and Arizona. Southern Ice will operate under its existing name and under the direction of its current leadership team to provide continuity to customers, employees and OEM partners. In addition to Southern Ice, Watsco completed two other acquisitions earlier in the year: Lashley & Associates, a distributor of commercial supplies and custom air movement products based in Houston, Texas, was purchased in January 2025.Hawkins HVAC Distributors, a distributor of HVAC equipment and supplies with locations in Charlotte, North Carolina and Columbia, South Carolina was acquired in April 2025. With these acquisitions, Watsco has added 10 new locations and approximately $47 million in annualized sales in high-growth Sunbelt markets that provide new brands, broader product offerings and expanded distribution points to better serve customers. Albert H. Nahmad, Watsco's Chairman and Chief Executive Officer, commented: “We are pleased to welcome these great businesses to the Watsco family. We look forward to investing in their growth plans, leveraging our transformative technology platforms, and supporting customers and employees as part of our family.” Watsco is actively seeking additional opportunities to invest and grow through acquisitions. Since entering distribution in 1989, Watsco has completed 72 acquisitions, including many multi-generation, family-owned businesses. Watsco’s “buy and build” strategy can be summarized as follows: Identify and partner with great businesses in the HVAC/R industrySupport their leadership and employees and honor their culture and legacyAsk for aggressive growth plans and help them achieve their ambitionsMotivate teams and reaffirm an ownership culture with long-term equityDeploy the industry’s most comprehensive suite of customer-focused technologiesSolicit and collaborate on big ideas to foster a spirit of innovation and growth About WatscoWatsco operates the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the U.S., Canada, Mexico, and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that over 375,000 owner-operators, technicians, and installers visit or call one of its 702 locations each year to get information, obtain technical support and buy products. We focus on the replacement market, which has increased in size and importance due to the aging of installed systems, the introduction of energy efficient models and the necessity of HVAC products in homes and businesses. According to data published in March 2023 by the Energy Information Administration, there are approximately 102 million HVAC systems installed in the United States that have been in service for more than 10 years, most of which operate below current efficiency standards. Accordingly, Watsco has the opportunity to be a significant and important contributor toward climate change as it plays an important role to lower CO2e emissions. According to the Department of Energy, HVAC systems account for roughly half of U.S. household energy consumption. As such, replacing older systems at higher efficiency levels is a critical means for homeowners to reduce electricity consumption and their carbon footprint. Based on estimates validated by independent sources, Watsco averted an estimated 23.7 million metric tons of CO2e emissions from January 1, 2020 to March 31, 2025 through the sale of replacement HVAC systems at higher-efficiency standards, an equivalent of removing 5.5 million gas powered vehicles annually off the road. More information, including sources and assumptions used to support the Company’s estimates, can be found at www.watsco.com. 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) 714-4102e-mail: blogan@watsco.com

Watsco Acquires Southern Ice Equipment Distributors

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