SOUTH BEND, Ind. - Industrial services provider MISCOR Group Ltd. announced that it has acquired privately-held Ideal Consolidated Inc., a provider of mechanical contracting services, including HVAC, plumbing, and industrial piping. Ideal reported revenues of approximately $8 million for the year ended Dec. 31, 2006. The deal marks MISCOR’s 9th acquisition since 2000 and is expected to be immediately accretive to earnings.
MISCOR said the acquisition of Ideal provides an entry for the company into the HVAC, plumbing, and other mechanical areas, enabling it to expand its existing construction and engineering services offerings. Ideal provides services through the plan and specification delivery method of construction and the design/build method. The company also has a service department that provides maintenance and repair services for mechanical systems. According to MISCOR, the deal widens its Midwest footprint, opening new doors in north central Indiana and southwest Michigan. Ideal Consolidated is based in South Bend, Ind., and serves primarily commercial, industrial, and institutional customers.
“The addition of Ideal’s services and industry-leading talent is a great win for us as we continue to seek new and innovative ways to provide services to our growing customer base,” said John Martell, president and CEO of MISCOR. “This acquisition is a logical extension of the work our Construction and Engineering Services segment currently offers and enables us to take another step in our growth plan toward becoming a national service provider of mechanical and electrical solutions.”
MISCOR noted it will retain the Ideal Consolidated name and brand identity, and the existing staff. Current Ideal president and majority owner Darrell L. Graf will stay on in a consulting capacity and Tim Stuver will remain as vice president of operations.
Graf said, “This is a great opportunity to align with a company whose culture, values, and business model mirror our own. MISCOR’s commitment to customer service and employee retention and training, when combined with their long-term growth plans and proven experience in the industrial services sector, will be a tremendous benefit to the Ideal brand and our customers and employees.”
Martell added, “Ideal is a recognized leader in the mechanical contracting industry in the markets it serves, and maintaining the company’s identity while bringing Mr. Graf and Mr. Stuver on board is a great opportunity for us to expand our knowledge base in this area. Their industry experience, along with the rest of the Ideal team, will be instrumental in the future growth and development of this business.”