{"id":782017,"date":"2023-09-06T09:52:36","date_gmt":"2023-09-06T13:52:36","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-acquires-gateway-supply-company\/"},"modified":"2023-09-06T09:52:36","modified_gmt":"2023-09-06T13:52:36","slug":"watsco-acquires-gateway-supply-company","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-acquires-gateway-supply-company\/","title":{"rendered":"Watsco Acquires Gateway Supply Company"},"content":{"rendered":"
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\n $180 Million Distributor Adds 16 Locations in Core Sunbelt Markets
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\n Gateway Builds on Watsco\u2019s Leading Scale in Fragmented $50 Billion HVAC Marketplace<\/strong>\n <\/p>\n

MIAMI, Sept. 06, 2023 (GLOBE NEWSWIRE) — Watsco, Inc.\u00a0(NYSE: WSO) announced that it has completed the acquisition of Gateway Supply Company, Inc., a distributor of plumbing and HVAC products.<\/p>\n

Founded in Columbia, South Carolina in 1964, Gateway Supply has annual sales of approximately\u00a0$180 million and serves approximately 4,000 customers from 15 locations in South Carolina and one location in North Carolina. The company distributes approximately 40,000 SKUs from more than 600 vendors.<\/p>\n

Albert H. Nahmad, Watsco’s Chairman and Chief Executive Officer, commented: \u201cWe are pleased to welcome Gateway to the Watsco family. We have deep admiration for the company\u2019s culture and impressive track record of growth. Gateway will continue to be led by its second-generation family members Chris, Sam and David Williams. We look forward to investing in Gateway\u2019s expansion, including leveraging our customer-focused digital technology and supporting Gateway\u2019s customers and employees as part of our family.\u201d<\/p>\n

Chris Williams, President of Gateway Supply, also commented: \u201cWe are excited to join Watsco and partner with the premier company in our industry. Watsco was the logical choice to sustain Gateway\u2019s legacy and unique culture and to help our company thrive going forward. We are eager to utilize Watsco\u2019s scale, capital, industry relationships and entrepreneurial culture to serve our customers in the years ahead. We also look forward to benefiting from the industry\u2019s most advanced technology platforms that help our customers grow and compete in the digital age.\u201d<\/p>\n

Watsco is actively seeking additional opportunities to invest and grow through acquisitions. Since entering distribution in 1989, Watsco has completed 68 acquisitions, including many multi-generation, family-owned businesses. Watsco\u2019s \u201cbuy and build\u201d strategy can be summarized as follows:<\/p>\n