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EMCOR Group Makes an Acquisition

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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.


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Eric Volkman
TMFVolkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

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Related Tickers

9/4/2015 4:02 PM
EME $44.65 Down -0.64 -1.41%
EMCOR Group, Inc. CAPS Rating: *****