Watsco is acquiring The Granite Group, a Northeast plumbing and HVAC distributor with approximately $500 million in sales, the company announced September 14.
Granite's been running since 1971 out of Concord, New Hampshire. It's a third-generation, family-led business under CEO Bill Condron, and it'll stay that way. Granite's existing leadership team keeps running the operation, and the company will continue to operate independently.
The Numbers Guy's Dream:
82 locations across seven states (NH, VT, ME, MA, CT, RI, NY)
11,000 customers served
29,000 SKUs from 450-plus vendors
10% compounded annual growth since 2010
Granite got there through bolt-on acquisitions and more than 30 new store openings. That's the same growth playbook Watsco has run for decades, just at a smaller scale.
Plumbing's Having a Moment:
This is Watsco's second major acquisition this year. In June, it closed on Jackson Supply Company, a $230 million HVAC distributor with 25 Sunbelt locations. Together, the two deals push Watsco deeper into a plumbing and HVAC distribution market it values at $74 billion across North America, a market where Watsco says its share is still relatively small.
Watsco has made 73 acquisitions since 1989, most of them multi-generation, family-owned businesses. At this point, buying up family businesses isn't just a strategy. It's basically the company's identity.
With a $74 billion market and plenty of room left to grow, don't bet against a third deal before the year's out.
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