UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JUNE 26, 1998
PAMECO CORPORATION
(Exact name of registrant as specified in its charter)
GEORGIA 51-0287654
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(State or other jurisdiction (I.R.S. employer
of incorporation or identification
organization) number)
1000 CENTER PLACE
NORCROSS, GA 30093
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(Address of principal executive offices)
(770)-798-0700
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 26, 1998, Pameco Corporation (the "Company")
purchased the heating, ventilation, and air conditioning ("HVAC")
and refrigeration operations and substantially all the related
assets of Park Heating and Air Conditioning Supply Co., Inc.
("Park"), an Illinois corporation. Park operates seven business
locations and a distribution center in the greater Chicago area.
The preliminary purchase price was approximately $22.5
million but may be adjusted within 60 days of the closing date
based upon a review of the book value of the acquired assets and
assumed liabilities as of the closing date. In addition, Pameco
has agreed to pay Park additional consideration at the end of
each of the first two years following the closing if the
operating income of the branches exceeds $3.6 million. This
summary is qualified in its entirety by reference to the Asset
Purchase Agreement, which has been filed as an exhibit to this
report on Form 8-K. The transaction was funded under the
Company's revolving line of credit with General Electric Capital
Corporation.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(a) Financial Statements of Business Acquired
It is impractical to provide the required financial
information at the time of the filing of this report. The
required financial information will be filed by amendment to
this Form 8-K not later than September 8, 1998.
(b) Pro Forma Financial Information
It is impractical to provide the required financial
information at the time of the filing of this report. The
required financial information will be filed by amendment to
this Form 8-K not later than September 8, 1998.
(c) Exhibits
10.26 Agreement for Purchase and Sale of Assets of
Park Heating and Air Conditioning Supply, Co.,
Inc., dated June 26, 1998, among Pameco
Corporation, Park Heating and Air Conditioning
Supply Co., Inc., and GB Holdings, Inc.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
PAMECO CORPORATION
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(Registrant)
By: /s/ THEODORE R. KALLGREN
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Theodore R. Kallgren
Chief Financial Officer
July 10, 1998 (Mr. Kallgren has been duly authorized
to sign on behalf of the registrant)