News Summary
EMCOR Group is set to acquire Miller Electric Company for $865 million, enhancing its position in the electrical contracting industry. With Miller Electric’s rich legacy and expertise in complex electrical systems, the merger is expected to significantly contribute to EMCOR’s growth, particularly in the Southeastern US market. The acquisition, already approved by both companies’ boards, anticipates closing in the first half of 2025 and aims to leverage synergies in engineering services, energy solutions, and expanding market reach.
Jacksonville’s Electrical Powerhouse Gets a Major Boost!
Jacksonville, Florida is buzzing with excitement as EMCOR Group, a powerhouse in the construction and facilities services sector, has announced its plans to acquire the esteemed Miller Electric Company. This local gem, which has been lighting up the region for a whopping 97 years, will come under EMCOR’s wing in a deal valued at an impressive $865 million in cash.
The Details Behind the Deal
This acquisition has received the green light from the boards of directors of both companies, paving the way for this monumental partnership. It’s important to note that while the deal is all set and ready, it will be subject to customary adjustments as the transaction moves forward. The electrical contracting industry will never be the same!
Miller Electric’s Rich Legacy
Founded nearly a century ago, Miller Electric has earned its reputation as one of the leading electrical contractors in the Southeastern United States. Their impressive portfolio features a range of services including designing, installing, maintaining, upgrading, and replacing complex electrical systems, along with various related technologies. With over 3,500 employees and 21 branch locations, the company is truly a stalwart within the community.
Revenue Expectations and Growth Potential
Looking ahead to 2024, Miller Electric is projected to reel in about $805 million in revenue and a solid $80 million in adjusted EBITDA. EMCOR is eyeing this potential with great enthusiasm, estimating that Miller’s contributions could account for around 35% to 50% of its overall growth starting in February 2025. Talk about a game changer!
Expanding Horizons
What makes this acquisition even more exciting is the way EMCOR plans to tap into Miller Electric’s rich expertise. Their services include systems integration, repairs and maintenance, building automation, energy and sustainability solutions, and top-notch engineering services. By leveraging Miller’s established capabilities, EMCOR seeks to enhance its electrical prowess and expand its footprint in booming sectors such as data centers, manufacturing, and healthcare.
Solidifying a Strong Presence
With around 90% of revenue coming from Florida and the Southeastern U.S., this acquisition is a strategic move that will bolster EMCOR’s presence in these key markets. The integration is set to be a smooth process, with Henry Brown continuing to lead Miller Electric as its CEO while the existing leadership team remains intact, ensuring a seamless transition.
Regulatory Approval and Future Steps
In terms of legalities, the transaction has already received federal antitrust approval under the Hart-Scott-Rodino Act. With plans to close the deal expected by the first half of 2025, the excitement is palpable in both companies as they prepare for this new chapter together. Meanwhile, financial advisors Evercore and Stephens are helping guide both EMCOR and Miller through this monumental process.
The Big Picture
In conclusion, this acquisition signifies a major leap forward not just for EMCOR, but for Jacksonville and the entire Southeast. With Miller Electric’s long-standing reputation and expertise combined with EMCOR’s reach and resources, the future looks bright for both companies. This powerful merger is set to enhance services and offerings, ultimately benefiting customers and employees alike. Buckle up—exciting times are ahead for Jacksonville’s electrical industry!
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Additional Resources
- Jacksonville.com
- Business Wire
- Jacksonville Daily Record
- First Coast News
- MDM
- Wikipedia: Miller Electric Company
- Google Search: Miller Electric Company
- Google Scholar: Miller Electric Company
- Encyclopedia Britannica: Miller Electric Company
- Google News: Miller Electric Company
Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
