EMCOR Group, Inc. Announces Acquisition of Gaston Electrical Co., LLC
Acquisition Strengthens and Broadens Offerings in the Greater Boston Area
August 09, 2022
NORWALK, Conn.–(BUSINESS WIRE)–EMCOR Group, Inc. (NYSE: EME) today announced that it has acquired Gaston Electrical Co., LLC (“Gaston,” formerly Gaston Electric Co., Inc.) a leading full service electrical construction contractor headquartered in Norwood, MA. Terms of the transaction were not disclosed.
Founded in 1934, Gaston is a leading full service electrical construction and low voltage contractor in the Greater Boston area. Gaston designs, installs, constructs, and maintains the electrical and low voltage systems in a wide variety of projects, including hospitals, laboratories, and life sciences facilities as well as data centers, universities, sports arenas, large-scale residential, and commercial office buildings. With 2022 estimated revenues of approximately $140 million and remaining unsatisfied performance obligations of approximately $120 million, Gaston will further strengthen EMCOR’s specialty construction services operations in the Greater Boston area.
Dan Fitzgibbons, President and CEO of EMCOR’s Electrical Construction Services Segment commented, “We are pleased to expand our footprint in the Northeast with the addition of the Gaston team. This group brings important capability and expertise in servicing many of EMCOR’s core end markets, including life sciences facilities and data centers. With one of the most experienced executive and field management teams in the electrical construction industry, Gaston will further broaden and enhance the service offerings EMCOR provides to its customers in the Greater Boston area.”
“We are delighted to join EMCOR, a company that has the same culture and commitment to excellence that we do.Bill Weber, CEO of Gaston
Mike Weber, President of Gaston, noted, “EMCOR’s core values of safety, integrity, transparency, trust, mutual respect, discipline, and teamwork are lived by the Gaston team every day. We are excited about our future prospects as a part of EMCOR.”
EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
Forward Looking Statements:
This release contains certain forward-looking statements. Any such comments speak only as of August 9, 2022 and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; our ability to pursue and successfully integrate acquisitions; our ability to return capital to shareholders; market opportunities; market growth prospects; customer trends; and our ability to maintain a strong safety record. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; changes in interest rates; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness, productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, and inflationary trends more generally, including fluctuations in energy costs; the availability of adequate levels of surety bonding; increased competition; unfavorable developments in the mix of our business; and the continuing impact of the COVID-19 pandemic, including the nature, extent, and impact of future variant surges, as well as other health emergencies, and government orders and mandates related thereto, on our revenue and operations. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2021 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating any forward-looking statements.
EMCOR Group, Inc.
R. Kevin Matz
Executive Vice President
FTI Consulting, Inc.
Investors: Blake Mueller