Maurice Maio, a PM columnist since 1994, sold his two companies to American Residential Services ( ARS) earlier this month. The two San Diego, CA-based companies - Maio Plumbing, Heating and Air Inc. and Maio Marketing Systems Inc. - were acquired as pooling of interest transactions.
“Consolidation is the wave and we were hounded by them for several months,” said Maurice Maio. “I felt it would be in the best interest of Maio Plumbing and for the future of Maio Marketing to join up with the largest consolidator.”
ARS made 12 other acquisitions (14 total) in the second quarter of 1997, totaling approximately $45 million in historical annualized revenues. The acquisitions carried ARS into five new markets.
Maio said there should not be many changes in the near future.
“My articles in PM will continue as usual,” Maio said. “The seminars will proceed as planned, and my products and services will be available as always. ARS is interested in continuing Maio Marketing, as is.”
American Residential Services is the largest publicly held company in the United States engaged principally in providing comprehensive maintenance, repair, replacement and new equipment installation services for heating, air conditioning, plumbing, electrical, indoor air quality systems and major home appliances, primarily in homes - including homes under construction and small commercial buildings. Total annualized revenues acquired by ARS, which placed as number 30 on the 1997 PM Pipe Trades Giants 100 listings, were approximately $113 million for the second quarter and $149 million for the first six months of 1997.