Emcor Group Inc. said Feb. 3 it closed on the $865 million acquisition of Jacksonville-based Miller Electric Co.
Norwalk, Connecticut-based Emcor announced Jan. 14 the all-cash deal to buy Miller Electric.
“The addition of Miller Electric marks a meaningful milestone for our company as we advance our goal to broaden our overall construction services platform and offer clients an even wider range of solutions to meet their needs,” Emcor chairman, president and CEO Tony Guzzi said in a news release. “As one team, we will build upon our Mission First, People Always culture and shared legacies of delivering innovative, high-quality solutions to drive long-term value for our shareholders, employees and clients alike.”
Miller Electric will operate within Emcor’s Electrical Construction Services segment under its president and CEO, Dan Fitzgibbons.
Emcor said the Miller Electric leadership team will remain in place and Miller Electric will continue to be headquartered in Jacksonville.
“We could not be more pleased to have found such a strong cultural and strategic fit in EMCOR,” Miller Electric CEO Henry Brown said in the release. “This acquisition will provide Miller Electric with meaningful resources to accelerate our momentum as we continue to lead the way in serving our clients. I look forward to seeing all we accomplish together in the coming years.”
Emcor is a Fortune 500 company with projected 2024 revenue of $14.5 billion. It provides mechanical and electrical construction services, industrial and energy infrastructure and building services.
Emcor said it expects the acquisition to generate approximately $805 million in revenue and approximately $80 million in adjusted earnings before interest, taxes, depreciation and amortization in calendar year 2024. The transaction is expected to modestly increase Emcor’s earnings per share in 2025, with further growth in future years.
Miller, which provides energy and technology infrastructure solutions, has 21 branch offices and more than 3,500 employees, Emcor said.
Miller generates about 90% of its revenue from Florida and the Southeast, where Emcor has a limited presence, the company said.
Evercore is the financial adviser to Emcor, and Ropes & Gray LLP is its legal adviser. Stephens is the financial adviser to Miller Electric and the Driver, McAfee, Hawthorne & Diebenow law firm is its legal adviser.