Daikin Subsidiary Enters into Definitive Agreement to Acquire CCOM Group, Inc. for Distribution in New Jersey and Surrounding States
Goodman Distribution, a subsidiary of Daikin, has announced its acquisition of CCOM Group for $2.71 per share, including convertible preferred stock. This strategic move is aimed at enhancing Daikin's distribution footprint in the Northeastern U.S., where CCOM has established a robust presence in HVAC and related sectors. The deal is expected to close in the first half of the year, pending customary closing conditions. Following the acquisition, CCOM will operate as a wholly owned business unit of Goodman, maintaining its headquarters in Hawthorne, New Jersey.
- Acquisition price of $2.71 per share reflects a solid valuation for CCOM.
- Strategic expansion into the Northeastern U.S. strengthens Daikin's distribution network.
- CCOM's established market position enhances Daikin's growth potential in HVAC products.
- None.
(l-r) Takayuki “Taka” Inoue, Daikin Executive Vice President and
CCOM’s subsidiaries,
“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
“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
The announcement follows Daikin’s acquisition of Pacific Northwestern companies
“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
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
Following the closing of the transaction, CCOM and its subsidiaries will operate as a wholly owned business unit of Goodman, while maintaining headquarters in
About Daikin
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.
Amana® is a registered trademark of
About
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.
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713.263.5505
marc.bellanger@daikincomfort.com
713.232.9229
wendy.hall@goodmanmfg.com
201.249.4874
ameyer@usginc.com
Source: Daikin Industries, Ltd.
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