EMCOR Group Completes Acquisition of Miller Electric Company

EMCOR Group, Inc. (NYSE: EME) has successfully finalized its acquisition of Miller Electric Company, a prominent electrical contractor serving key growth regions throughout the Southeastern United States. The acquisition, which amounted to $865 million in cash, was completed with customary adjustments.

This strategic move is poised to enhance EMCOR’s presence in burgeoning sectors and broaden the company’s electrical capabilities by incorporating a suite of complementary and comprehensive mission-critical services. It is anticipated that Miller Electric will contribute approximately $805 million in revenue and about $80 million in Adjusted EBITDA in the 2024 calendar year. The acquisition is expected to have a modestly positive impact on EMCOR’s earnings per share in 2025, with further benefits expected in the subsequent years.

Tony Guzzi, the Chairman, President, and CEO of EMCOR, expressed his enthusiasm, stating, “We are thrilled to officially welcome Henry and the Miller Electric team to EMCOR. The addition of Miller Electric represents a significant milestone for our company as we advance our goal to expand our overall construction services platform and offer clients a broader spectrum of solutions to meet their requirements.”

Similarly, Henry Brown, the CEO of Miller Electric, conveyed his satisfaction with the merger, saying, “We could not be more pleased to have found such a strong cultural and strategic fit in EMCOR. This acquisition will provide Miller Electric with meaningful resources to accelerate our momentum as we continue to lead in serving our clients.”

Following the acquisition, Miller Electric will operate within EMCOR’s Electrical Construction Services segment under the leadership of Dan Fitzgibbons, President and CEO of EMCOR Electrical Construction Services. The current management team at Miller Electric will be retained, and the company will continue to be headquartered in Jacksonville, Florida.

The transaction was funded by EMCOR through available cash resources. Further details regarding the acquisition are anticipated to be discussed when EMCOR releases its fourth-quarter and full-year 2024 earnings results on February 26, 2025.

Advisory services for EMCOR were provided by Evercore as the financial advisor and Ropes & Gray LLP as the legal advisor.

EMCOR Group, Inc. is a Fortune 500 company known for its expertise in mechanical and electrical construction services, industrial and energy infrastructure, and building services. Interested parties can find additional press releases on the company’s website.

This press release contains forward-looking statements, and readers are advised to consider the associated risks and uncertainties outlined in EMCOR’s filings with the SEC and the company’s website. These risks and uncertainties may cause actual results to vary from what is anticipated.

For more information, potential investors are encouraged to check the EMCOR website regularly for essential updates and information pertinent to the company’s performance in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read EMCOR Group’s 8K filing here.

About EMCOR Group

EMCOR Group, Inc provides construction and facilities, building, and industrial services in the United States and the United Kingdom. It offers design, integration, installation, start-up, operation, and maintenance services related to power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation; low-voltage systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; computerized traffic control systems, and signal and communication equipment; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and high-purity piping systems; controls and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging services; millwright services; and steel fabrication, erection, and welding services.