Comfort Systems USA Acquires ColonialWebb Contractors Co.
ColonialWebb is a large regional contractor with its principal operations in Richmond and Norfolk, Va. The company engages in a broad range of mechanical contracting projects, HVAC service, and industrial refrigeration, primarily in Virginia, North Carolina, and South Carolina.
Comfort Systems USA said that, initially, ColonialWebb is expected to contribute annualized revenues of approximately $180 million to $190 million at profitability levels that are expected to be roughly equivalent to those generally earned by Comfort Systems USA operations. Because of the amortization of intangibles and other costs associated with the transaction, the acquisition is not expected to be materially accretive to earnings per share during the first 12 to 18 months after the acquisition.
Bill Murdy, Comfort Systems USA’s chief executive officer, commented, “We are extremely pleased that ColonialWebb is joining Comfort Systems USA. ColonialWebb has a long history of excellence throughout the Mid-Atlantic region and will immediately become our largest subsidiary. With excellent capabilities, systems, resources and leadership at every level, ColonialWebb will continue to be a significant factor in the mechanical contracting and service industries overall, and we expect that, over time, interaction between our existing companies and ColonialWebb will strengthen and improve all of Comfort Systems USA.”
Publication date: 08/09/2010