Watsco Acquires Gateway Supply Company's Plumbing and HVAC Distribution Business

On September 1, 2023, Watsco, Inc., through its subsidiary Gateway Supply, LLC, completed the acquisition of the plumbing and HVAC distribution business of Gateway Supply Company, Inc. The purchase price was $103 million, paid with approximately $4 million in cash and 280,215 shares of Watsco common stock.

“On September 1, 2023 (the “Closing Date”), Gateway Supply, LLC, a Delaware limited liability company and a wholly owned subsidiary of Watsco, Inc., a Florida corporation (the “Company”), acquired the plumbing and HVAC distribution business (the “Business”) of Gateway Supply Company, Inc., a South Carolina corporation (“Seller”), pursuant to the acquisition of substantially all of the assets and the assumption of certain of the liabilities of the Business under a previously reported purchase agreement dated as of July 28, 2023 (the “Purchase Agreement”).”

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