EMCOR Group, Inc. Announces Acquisition of Gaston Electrical Co., LLC
August 09 2022 - 8:00AM
Business Wire
- Acquisition Strengthens and Broadens
Offerings in the Greater Boston Area -
EMCOR Group, Inc. (NYSE: EME) today announced that it has
acquired Gaston Electrical Co., LLC (“Gaston,” formerly Gaston
Electric Co., Inc.) a leading full service electrical construction
contractor headquartered in Norwood, MA. Terms of the transaction
were not disclosed.
Founded in 1934, Gaston is a leading full service electrical
construction and low voltage contractor in the Greater Boston area.
Gaston designs, installs, constructs, and maintains the electrical
and low voltage systems in a wide variety of projects, including
hospitals, laboratories, and life sciences facilities as well as
data centers, universities, sports arenas, large-scale residential,
and commercial office buildings. With 2022 estimated revenues of
approximately $140 million and remaining unsatisfied performance
obligations of approximately $120 million, Gaston will further
strengthen EMCOR’s specialty construction services operations in
the Greater Boston area.
Dan Fitzgibbons, President and CEO of EMCOR’s Electrical
Construction Services Segment commented, “We are pleased to expand
our footprint in the Northeast with the addition of the Gaston
team. This group brings important capability and expertise in
servicing many of EMCOR’s core end markets, including life sciences
facilities and data centers. With one of the most experienced
executive and field management teams in the electrical construction
industry, Gaston will further broaden and enhance the service
offerings EMCOR provides to its customers in the Greater Boston
area.”
Bill Weber, CEO of Gaston, commented, “We are delighted to join
EMCOR, a company that has the same culture and commitment to
excellence that we do.”
Mike Weber, President of Gaston, noted, “EMCOR’s core values of
safety, integrity, transparency, trust, mutual respect, discipline,
and teamwork are lived by the Gaston team every day. We are excited
about our future prospects as a part of 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.
Forward Looking Statements:
This release contains certain forward-looking statements. Any
such comments speak only as of August 9, 2022 and EMCOR assumes no
obligation to update any such forward-looking statements, unless
required by law. These forward-looking statements may include
statements regarding 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 and successfully
integrate acquisitions; our ability to return capital to
shareholders; market opportunities; market growth prospects;
customer trends; and our ability to maintain a strong safety
record. 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, 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 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, including the nature,
extent, and impact of future variant surges, as well as other
health emergencies, and government orders and mandates related
thereto, 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 2021 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.
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EMCOR Group, Inc. R. Kevin Matz Executive Vice President
Shared Services (203) 849-7938
FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706
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