HOUSTON, TX -- (BUSINESS WIRE) Comfort Systems USA, Inc. (NYSE: FIX) today announced that it has entered into a definitive agreement to acquire the Amteck, LLC family of companies (“Amteck”) headquartered in Lexington, Kentucky.
Amteck was founded in 1977 and provides electrical contracting solutions and services, including design and build, pre-fabrication and installation for core electric and low-voltage systems, as well as services for planned maintenance, retrofit and emergency work. Amteck is headquartered in Kentucky and focuses on the greater Southeastern United States, including Kentucky, Tennessee and the Carolinas. Amteck is expected to contribute annualized revenues of approximately $175 million to $200 million, and earnings before interest, taxes, depreciation and amortization of $14 million to $17 million. In light of the required amortization expense related to intangibles and other costs associated with the transaction, the acquisition is expected to make a neutral to slightly accretive contribution to earnings per share for the first twelve to eighteen months.
Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented, “We are extremely happy to announce that Amteck will be joining Comfort Systems USA. Amteck brings an incredible team of professionals and Amteck has a fantastic reputation for electrical contracting and related services in industrial markets such as food processing. Amteck brings world-class capabilities in complex projects, deep customer relationships, design-build competence, and notable opportunities for long-term synergy in our electrical segment.”
Daren Turner, Chief Executive Officer of Amteck, commented, “Comfort Systems USA has a demonstrated commitment to its people and customers, and that was the most important criteria in choosing to combine our teams. Comfort is committed to development and training at every level and has an uncompromising commitment to serving its customers. I believe this partnership will provide a wonderful opportunity for my employees and business to develop and to grow. Together we can improve our customer offering and provide a bright future to all of our stakeholders.”
Brian Lane concluded, “We simply could not be happier that Amteck is joining Comfort Systems USA and we look forward to seizing the opportunities created by this transaction.”
Comfort Systems USA® is a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services, with 139 locations in 113 cities around the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com.
Certain statements and information in this press release may constitute forward-looking statements regarding our future business expectations, which are subject to applicable securities laws and regulations.