Regional Reports / Canada

EMCOR Group Announces Agreement to Sell Comstock Canada

September 12, 2011
KEYWORDS mechanical / services
/ Print / Reprints /
/ Text Size+
NORWALK, Conn. — EMCOR Group Inc. announced that it has entered into an agreement to sell its Toronto-based Canadian subsidiary, Comstock Canada Ltd., to CCL Equities Inc., an Ontario, Canada-based corporation. In connection with the sale, EMCOR expects to receive approximately CAD $16.9 million in payment for the shares and approximately CAD $25.5 million in repayment of indebtedness owed by Comstock to EMCOR Group Inc. CCL Equities Inc. was recently organized by certain members of Comstock management and outside investors for the purpose of acquiring Comstock.

Comstock performs mechanical and electrical construction services primarily in the health care, nuclear, and industrial markets in Canada. In 2010, Comstock generated revenues of approximately $269.3 million and operating income of approximately $0.3 million. For the first six months of 2011, Comstock had revenues of approximately $99 million and an operating loss of approximately $0.4 million.

The transaction is expected to close in the third quarter of 2011.

Tony Guzzi, president and chief executive officer of EMCOR, said, “This transaction reflects our strategy of focusing on our core operations in which we have both the expertise and scale necessary to generate strong returns. While Comstock is a well-established, quality business, we believe there are greater opportunities to deploy our capital in areas that will create more value for EMCOR. Like our recent purchase of USM, this transaction should enhance our overall profitability and reduce volatility in our financial performance. Overall, we believe this is an excellent transaction for all parties involved. We wish Comstock’s management team and their partners all the best in their future endeavors.”

EMCOR Group Inc. is a leader in mechanical and electrical construction services, energy infrastructure and facilities services. For more information, visit

Publication date: 09/12/2011

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

Mini Split Installation

Twin Cities contractor Aabott Ferraro helped retrofit an older St. Paul home.


NEWSMakers: Doug Dougherty

Doug Dougherty, president and CEO of the Geothermal Exchange Organization (GEO) joins the program to discuss the latest happenings with GEO, including the drive to get included in state and federal definitions of renewable energy, plus the future of geothermal.  Posted on July 25.

More Podcasts


NEWS 07-28-14 cover

2014 July 28

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe


Some in the industry are calling for the EPA to halt production of R-22 as of 2015. What do you think?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con