EMCOR Group (NYSE: EME ) is growing the old-fashioned way -- with the purchase of outside assets. The company announced that it will acquire the privately held RepconStrickland, a Texas-based firm it describes as "a leading provider of recurring turnaround and specialty services to the North American refinery and petrochemical markets."
The price is roughly $455 million in cash. Most of this will land in the coffers of RepconStrickland's majority shareholder, an affiliate of ArcLight Capital Partners. That price very possibly represents a premium, since ArcLight says that it "has a proven track record of delivering superior returns across the energy industry value chain.
According to EMCOR Group, RepconStrickland took in revenues of around $400 million in 2012. EMCOR Group anticipates that the transaction will close early next month.