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Emcor Acquires Comfort Systems’ Subsidiaries

February 16, 2002
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NORWALK, CT — Emcor Group, Inc., signed a definitive agreement with Comfort Systems USA to acquire 19 of Comfort Systems USA’s subsidiary companies. Under the agreement, Emcor will pay Comfort Systems $186.25 million, approximately $164.25 million in cash and approximately $22 million by assumption of Comfort Systems notes payable to former owners of certain acquired companies.

The companies to be acquired are predominately in the Midwest and New Jersey, and are active in the installation and maintenance of mechanical systems. The companies include Shambaugh & Son, Inc. (Fort Wayne, IN), F&G Mechanical (Secaucus, NY), North Jersey Mechanical Contractors (Waldwick, NJ), NJM Service Company, Inc. (Waldwick, NJ), Maximum Refrigeration & Air Conditioning Corp. (Newark, NJ), Temprite (Hawthorne, NJ), Gotham Air Conditioning Service, Inc. (Long Island City, NY), Mandell Mechanical Corp. (New York, NY), Kuempel Service, Inc. (Cincinnati, OH), American Mechanical, Inc. (Detroit, MI), Nogle & Black Mechanical, Inc. (Urbana, IL), E.L. Pruitt Company (Springfield, IL), The Fagan Company (Kansas City, KS), Central Mechanical Construction (Manhattan, KS), Kilgust Mechanical, Inc. (Madison, WI), Walker-J-Walker, Inc. (Memphis, TN), Lowrie Electric Company, Inc. (Memphis, TN), Border Electric & Mechanical (El Paso, TX), and Hillcrest Sheet Metal, Inc. (Bakersfield, CA).

“This acquisition is an excellent strategic fit,” said Frank T. MacInnis, chairman and ceo of Emcor. “The transaction brings into the Emcor family a number of high-quality operating companies with excellent growth prospects and increases our presence in the Midwest, with the portion of our revenues generated from this region expected to grow to 20% from 2001’s 11%.”

For more information, visit www.emcorgroup.com (website).

Publication date: 02/18/2002

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