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Dec. 2, 2011: Comfort Systems USA Acquires Majority Interest in Environmental Air Systems

December 2, 2011
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HOUSTON — Comfort Systems USA Inc., a leading provider of commercial, industrial, and institutional HVAC services, announced that it has acquired a majority interest in Environmental Air Systems (EAS), headquartered in Greensboro, N.C.

EAS is a regional mechanical contractor with principal offices in Greensboro and Raleigh, N.C. EAS engages in a range of mechanical contracting projects, HVAC service and controls, and prefabrication of mechanical systems, in North Carolina and South Carolina and across the Atlantic region. EAS is organized into three primary business activities: a traditional contracting business with a strong emphasis on health care, technology, pharmaceutical, and education customers; a service and controls business; and a customized prefabrication or “off-site construction” business. The off-site construction business represents approximately 25-30 percent of EAS’s revenue, and adds capabilities and business delivery advantages that strengthen its overall customer offering and that have been instrumental in gaining business across EAS.

Comfort Systems has acquired 60 percent of the business, and EAS is expected to be accounted for on a consolidated basis. Initially EAS is expected to contribute annualized revenues of approximately $100 million to $110 million at profitability levels that are generally above those currently experienced in the mechanical contracting industry.

In light of the required amortization expense related to certain intangibles and other costs associated with the transaction, the acquisition is expected to make a neutral to slightly accretive contribution to earnings per share during the first 12 to 18 months after the acquisition.

Bill Murdy, Comfort Systems USA’s chief executive officer, said, “We are extremely happy to announce that EAS is joining Comfort Systems USA. EAS has a long history of providing extraordinary outcomes for its customers in applications ranging from data centers and pharmaceutical facilities to hospitals and universities. This partnership with EAS brings excellent capabilities, resources, and leadership at every level, and we expect that EAS will continue to grow and improve for years to come.”

Brian Lane, Comfort Systems USA’s president and chief operating officer, said, “As we have come to know EAS and its high caliber team of professionals over the last several months, I have become convinced that they will impact our company far beyond the Carolina markets. For example, I believe the EAS customized off-site construction offering is unrivaled, and over time it will be instrumental in adding important delivery capabilities to benefit our operations and customers in other markets. We believe interaction between our existing companies and EAS will strengthen and improve all of Comfort Systems USA.”

For more information, visit www.comfortsystemsusa.com.

Publication date: 11/28/2011

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