EMCOR Group Inc EMEInc EME's deal to buy ECM Holding Group, Inc. was inked in cash for undisclosed terms.
ECM, a Wisconsin-based firm, offers energy efficiency retrofit services, specializing in providing HVAC, lighting, water, weatherization, and airflow management solutions across the nation. In 2023, ECM's revenue total is $60 million.
The transaction is expected to close in Q3 2023, subject to customary closing conditions.
ECM strengthens EMCOR's presence in energy efficiency specialist services and expands our nationwide bundled energy conservation and sustainability solutions portfolio. ECM's leadership team brings a wealth of knowledge to EMCOR, including deep connections with some of the nation's largest commercial and industrial companies. ECM's ability to identify, Validate, and Self-Install multiple energy conservation measures offers a streamlined and replicable approach for our customers to achieve their sustainability goals, said Mike Bordes, president and CEO of EMCOR Building Services.
In April, EME reported Q1 revenues of $2.89 billion, compared to the consensus of $2.87 billion and EPS of $2.32, surpassing the Street Estimate of $1.80.
As of March 31, 2023, cash and cash equivalents were at $420.1 million.
EME shares are trading lower on Wednesday by 0.85% at $182.70, down from a record low of $182.70 on Wednesday.