WALLER, Texas & HAWTHORNE, N.J.--(BUSINESS WIRE)--Goodman Distribution, Inc., a subsidiary of Daikin, has entered into a definitive agreement to acquire CCOM Group, Inc. (OTC Pink: “CCOM”, “CCOMP”) 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.
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.
Daikin Industries, Ltd. (DIL) is a Fortune 1,000 company with more than 84,870 employees worldwide and is the world’s #1 indoor comfort solutions provider company. Daikin Comfort Technologies North America (DNA), Inc is a subsidiary of DIL, providing Daikin, Goodman, Amana® and Quietflex brands products. DNA and its affiliates manufacture heating and cooling systems for residential, commercial and industrial use and are sold via independent HVAC contractors. DNA engineering and manufacturing is located at Daikin Texas Technology Park near Houston, Texas. For additional information, visit https://www.northamerica-daikin.com/.
Amana® is a registered trademark of Maytag Corporation or its related companies and is used under license. All rights reserved.
About CCOM Group
CCOM Group, Inc., based in Hawthorne, New Jersey with 15 total locations, has been an industry leader in HVAC, climate control systems, plumbing and electrical supplies for more than 100 years. Through its subsidiaries and divisions, Universal Supply Group, RAL Supply Group, Inc., S&A Supply, Inc. and the Universal Energy Products Division, CCOM distributes equipment, parts, and accessories throughout the Northeast. The company’s reach extends from Albany, New York and Western Massachusetts (S&A Supply) down through the Hudson Valley, Westchester County, and Long Island (RAL Supply) and through all of New Jersey (Universal Supply Group). For additional information, visit https://ccom-group.com/.
This release includes forward-looking statements, including those regarding the timing and benefits of the transactions, the combined company’s plans and prospects, and other statements that are not historical facts. The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements, some of which are beyond our control. Forward-looking statements speak only as of the date of this release and we disclaim any duty to update them except as required by law.