HOUSTON - Comfort Systems USA Inc., a provider of commercial, industrial, and institutional HVAC services, announced that it had acquired Granite State Plumbing & Heating from KeySpan Corp., a New York-based natural gas and electric utility.
Located near Manchester, N.H., Granite had 2004 revenues of approximately $25 million and earnings before interest, taxes, depreciation, and amortization of approximately $1 million. Comfort's purchase price was $2.8 million in cash, which approximated the book value of Granite's tangible net assets as of Dec. 31, 2004.