EMCOR Group, Inc. Announces Agreement to Acquire Miller Electric Company
Acquisition Expands EMCOR’s Electrical Capabilities Through a Suite of Complementary and Comprehensive, Mission-Critical Services, Increasing Presence in High Growth Sectors
Headquartered in
Miller Electric has a strong growth, margin, and free cash flow profile, with approximately
“The team at Miller Electric has built a legacy of delivering high-quality solutions beyond traditional electrical contracting and staying ahead of industry trends through their commitment to innovation,” said Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR. “Their service-first mindset, long-standing reputation of excellence, and forward-thinking approach have positioned Miller Electric as a leading non-residential electrical and technology contractor in the Southeastern United States.”
Mr. Guzzi added, “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. 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.”
“The Miller Electric team has consistently demonstrated excellence within their end markets,” said Dan Fitzgibbons, President and CEO of EMCOR Electrical Construction Services. “By leveraging advanced technologies such as virtual design and construction, along with prefabrication techniques, they have a proven record of continually improving project efficiency and quality for their clients. Like EMCOR, Miller Electric not only enhances project execution, but also empowers their workforce through continuous development and training, sharing key methods and practices across the organization. I want to extend a warm welcome to the entire Miller Electric team and look forward to collaborating to drive the business forward.”
“For nearly a century, we have taken great pride in delivering innovative electrical solutions and building strong relationships with our clients and partners,” said Henry Brown, Chief Executive Officer at Miller Electric. “Joining forces with EMCOR will allow us to further enhance our services and offerings, leveraging additional resources to expand our reach and continue leading the way in serving our clients in the evolving energy and infrastructure landscape. We are confident EMCOR is the right partner for us, bringing a long-term approach and deep understanding of our business, culture, and values. EMCOR will allow us to reach our full potential as a company and create even more opportunities for our employees and the communities we serve. We look forward to continuing our growth for years to come as part of the EMCOR family of companies.”
Upon completion of the acquisition, Miller Electric will operate within EMCOR’s Electrical Construction Services segment under Dan Fitzgibbons, President and CEO of EMCOR Electrical Construction Services. Henry Brown will continue to serve as CEO of Miller Electric with the Miller Electric leadership team remaining in place. Miller Electric will remain headquartered in
Transaction Details
EMCOR expects to fund the transaction through cash on hand with an expected close in the first half of 2025, subject to customary closing conditions. Hart-Scott-Rodino approval has already been obtained for the transaction.
The transaction is expected to be modestly accretive to EMCOR’s earnings per share in 2025 with further accretion in future years.
Additional information about the transaction can be found in an investor presentation, which has been posted to EMCOR’s investor relations site. Details of the transaction will also be discussed when EMCOR releases its fourth quarter and full year 2024 earnings results on February 26, 2025.
Advisors
Evercore is serving as financial advisor to EMCOR, and Ropes & Gray LLP is serving as its legal advisor. Stephens is serving as financial advisor to Miller Electric, and Driver, McAfee, Hawthorne & Diebenow, PLLC is serving as its legal advisor.
About EMCOR
EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
About Miller Electric Company
Miller Electric is a 97-year-old company based in
Learn more at http://www.mecojax.com and http://www.MillerEV.com.
Forward Looking Statements
This press release contains forward-looking statements. Such statements speak only as of this press release, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding the proposed acquisition of Miller Electric, including timing to closing, the anticipated benefits of the proposed acquisition of Miller Electric, and the anticipated financial impact of the proposed acquisition of Miller Electric. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, uncertainties as to the timing of the acquisition; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition agreement; the ability of the parties to consummate the proposed acquisition on a timely basis or at all; the satisfaction of the conditions precedent to the consummation of the proposed acquisition; transaction and integration costs; the risk that the acquisition will divert management’s attention from EMCOR’s ongoing business operations or otherwise disrupts EMCOR’s ongoing business operations; changes in EMCOR’s businesses during the period between now and the closing; inability to achieve expected results in earnings per share and cash position; and adverse business conditions, including labor market tightness and/or disruption, productivity challenges, the impact of claims and litigation, the nature and extent of supply chain disruptions impacting availability and pricing of materials, global conflicts, and inflationary trends more generally, including fluctuations in energy costs. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2023 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.
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EMCOR
Investors
Andrew G. Backman
Vice President
Investor Relations
(203) 849-7938
FTI Consulting, Inc.
Investors: Blake Mueller
(718) 578-3706
Media
Joele Frank, Wilkinson Brimmer Katcher
Andi Rose / Viveca Tress
(212) 355-4449
Miller Electric Company
Media
Kerri Stewart
Chief Strategy Officer
kstewart@mecojax.com
(904) 962-9425
Source: EMCOR Group, Inc.