EMCOR Group's strategic acquisition to strengthen its electrical services.
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, 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.
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!
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.
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!
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.
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.
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.
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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