Sign In  |  Register  |  About Los Altos  |  Contact Us

Los Altos, CA
September 01, 2020 1:26pm
7-Day Forecast | Traffic
  • Search Hotels in Los Altos

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

EMCOR Group, Inc. Announces Agreement to Acquire ECM

- Nationwide Leading Provider of Energy Conservation Technologies and Project Solutions -

EMCOR Group, Inc. (NYSE: EME) today announced that it has entered into a definitive agreement to acquire ECM Holding Group, Inc. (“ECM”), a leading national energy efficiency specialty services firm, in an all-cash transaction. Terms of the transaction were not disclosed.

Founded in 2009, and headquartered in Oshkosh, Wisconsin, ECM is a leading national provider of energy efficiency retrofit services, with specific business units dedicated to offering a variety of HVAC, lighting, water, weatherization, and airflow management solutions. With 2023 estimated revenues of $60 million, ECM’s innovative turn-key energy conservation solutions are delivered cost-effectively with third party-reviewed energy projections, professional project management, and a comprehensive measurement and verification program.

Mike Bordes, President, and Chief Executive Officer of EMCOR Building Services commented, “ECM further strengthens EMCOR’s position in energy efficiency specialty services and expands our nationwide bundled energy conservation and sustainability solutions portfolio. Additionally, the leadership team of ECM brings a wealth of experience in serving Energy Services Companies (ESCOs) to EMCOR, including deep relationships with some of the nation’s largest commercial and industrial companies. Furthermore, ECM’s ability to identify, validate, and self-implement multiple energy conservation measures offers a streamlined and replicable approach for our customers to achieve their sustainability goals.”

“Joining a proven industry leader in EMCOR that shares our commitment to operational excellence, customer loyalty and employee safety is a great opportunity for everyone at ECM,” stated Erik Larson, Chief Executive Officer of ECM. “EMCOR is a natural home for ECM, and we look forward to delivering sustainable growth and exceptional customer value as part of EMCOR.”

The transaction is expected to close in the third quarter of 2023, subject to customary closing conditions.

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.

Forward Looking Statements:

This release contains certain forward-looking statements. Any such comments speak only as of July 5, 2023, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding the anticipated timing of EMCOR’s acquisition of ECM and the potential benefits of the transaction, including revenue growth, as well as anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; our ability to pursue acquisitions; our ability to return capital to shareholders; market opportunities; market growth prospects; customer trends; project mix; and projects with varying profit margins and contractual terms. 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, the ability of the parties to satisfy the closing conditions for the transaction on a timely basis, if at all, EMCOR’s ability to realize the potential benefits of the transaction, adverse effects of general economic conditions; changes in interest rates; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness, productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; the availability of adequate levels of surety bonding; increased competition; unfavorable developments in the mix of our business; and the continuing impact of the COVID-19 pandemic, on our revenue and operations. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2022 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 any forward-looking statements.

Contacts

R. Kevin Matz

Executive Vice President

Shared Services

(203) 849-7938

FTI Consulting, Inc.

Investors: Blake Mueller

(718) 578-3706

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 LosAltos.com & California Media Partners, LLC. All rights reserved.