Goodman Distribution, Inc., a subsidiary of Daikin, has entered into a definitive agreement to acquire CCOM Group, Inc. and its wholly owned subsidiaries for $2.71 per share of common stock and convertible preferred stock, the companies jointly announced today.
Goodman Distribution, Inc. will change its name to Daikin Comfort Technologies Distribution, Inc. on April 1.
CCOM’s subsidiaries, Universal Supply Group, Inc., RAL Supply Group, Inc., and S&A Supply, Inc., have shaped it into a leading full line distributor of HVAC products, building management systems, plumbing and electrical supplies, and parts and accessories in the Northeastern United States. The transaction is expected to close in the first half of the year, subject to customary closing conditions.
“I am incredibly excited to have CCOM and its companies join us on our journey to becoming North America’s clear leader in indoor comfort solutions,” said Takayuki “Taka” Inoue, Daikin executive vice president and chief sales and marketing officer.
“The acquisition of CCOM supports our strategy of continued commitment and growth in the region and is integral to our distribution expansion efforts in the Northeast,” said Ardee Toppe, Daikin Senior Vice President.
Acquisitions, Continued
The announcement follows Daikin’s acquisition of Pacific Northwestern companies Thermal Supply, Inc. and AirReps, LLC in December, and other recent acquisitions including ABCO HVACR Supply + Solutions, Robinson Plumbing & Heating Supply, Co., Inc., Thermal Mechanics Inc. (TMI), and Stevens Equipment Supply.
“Combining our unique strengths as a multi-branded Technical Supply House with the largest HVAC manufacturer in the world is clearly the best way for us to deliver on our aggressive growth plans,” said Pete Gasiewicz, CCOM CEO. “This alignment solidifies our longstanding relationship and gives us the best opportunity to serve our contractors in a very competitive region.”
CCOM will continue to supply and promote the full line of residential unitary Goodman and Amana® brand equipment and Daikin ductless and light commercial HVAC products, as well as a diverse lineup of additional brands and products. This includes building management systems and controls, other HVAC, indoor air quality, hydronic, plumbing and electrical equipment and supplies throughout its 15 locations across New Jersey, New York and Massachusetts.
Following the closing of the transaction, CCOM and its subsidiaries will operate as a wholly owned business unit of Goodman, while maintaining headquarters in Hawthorne, New Jersey with more than 165 employees.