Emcor Group Inc. announced an agreement Jan. 14 to buy Jacksonville-based Miller Electric Co. for $865 million in cash.
The Norwalk, Connecticut-based company said 97-year-old Miller will remain headquartered in Jacksonville when the deal is completed with its leadership in place.
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.
The company said Miller had about $805 million in 2024 revenue.
“For nearly a century, we have taken great pride in delivering innovative electrical solutions and building strong relationships with our clients and partners,” Miller CEO Henry Brown said in a news release.
“Joining forces with Emcor will allow us to further enhance our services and offerings, leveraging additional resources to expand our reach and continue leading the way in serving our clients in the evolving energy and infrastructure landscape,” said Brown, who will remain CEO of Miller.
“We are confident Emcor is the right partner for us, bringing a long-term approach and deep understanding of our business, culture, and values,” he said.
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.
“The team at Miller Electric has built a legacy of delivering high-quality solutions beyond traditional electrical contracting and staying ahead of industry trends through their commitment to innovation,” Emcor CEO Tony Guzzi said in the release.
“The addition of Miller Electric expands Emcor’s electrical capabilities through their suite of comprehensive, mission-critical services and bolsters our already strong presence in high-growth areas including data centers, manufacturing, and healthcare,” he said.
Emcor said it has already received federal antitrust approval for the acquisition under terms of the Hart-Scott-Rodino Act and it expects to close the deal in the first half of 2025.
Evercore is serving as the financial adviser to Emcor, and Ropes & Gray LLP is serving as its legal adviser. Stephens is serving as financial adviser to Miller Electric, and the Driver, McAfee, Hawthorne & Diebenow, PLLC law firm is serving as its legal adviser.
