Norwalk, CT-based specialty construction services provider EMCOR agreed to acquire Miller Electric Company for $865 million in cash.
The transaction is expected to close in the first half of 2025.
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Jacksonville, FL-based Miller Electric is a contracted electrical services provider, serving customers throughout the Southeastern U.S. The company designs, installs, maintains, upgrades and replaces complex electrical systems across a range of industries, including data centers, manufacturing and healthcare. The company serves over 1,000 clients across 21 branch locations and 3,500 employees.
EMCOR is a supplier of mechanical and electrical construction, industrial and energy infrastructure and building services. The company is affiliated with a range of commercial construction, mechanical, electrical facilities management, building commissioning, HVAC, life safety and energy associations, including Associated Builders & Contractors, British Safety Council, International Facility Management Association and more. EMCOR reported a 2023 revenue of $12.6 billion.
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Approximately 90% of the Miller Electric’s revenue comes from Florida and the broader Southeastern U.S. EMCOR anticipates Miller Electric will generate approximately $805 million in revenue and around $80 million in adjusted EBITDA for the 2024 calendar year. As of November 2024, the company had $755 million in remaining performance obligations.
“The addition of Miller Electric expands EMCOR’s electrical capabilities through their suite of comprehensive, mission-critical services and bolsters our already strong presence in high-growth areas including data centers, manufacturing and healthcare,” EMCOR Chairman, President and CEO Tony Guzzi said in a Jan. 14 news release. “With a complementary geographic footprint, this transaction enables us to enhance our ‘local execution, national reach’ strategy as we broaden our overall construction services platform. Importantly, Miller Electric is also a great fit with our EMCOR Values and culture of operational excellence with their 97-year track record of safety and innovation.”
After the acquisition is finalized, Miller Electric will join EMCOR’s Electrical Construction Services segment, led by Dan Fitzgibbons, President and CEO of EMCOR Electrical Construction Services. Henry Brown will continue as CEO of Miller Electric, with the current leadership team remaining in place. Miller Electric will maintain its headquarters.
EMCOR said details of the transaction will be issued in its fourth quarter and full-year 2024 financial earnings release on Feb. 26.
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