HOUSTON — Comfort Systems USA Inc., a leading provider of commercial, industrial, and institutional HVAC services, announced that it has entered into an agreement to acquire Dyna Ten Corp., a mechanical contractor based in Fort Worth, Texas.
Dyna Ten provides a range of mechanical contracting services, HVAC service, and controls, in the Dallas/Fort Worth metroplex and surrounding areas. Initially Dyna Ten is expected to contribute annualized revenues of approximately $70 million to $80 million at profitability levels that are generally equal to or above those currently experienced by Comfort Systems USA operations.
The transaction is currently scheduled to close on or about May 1, 2014 and is subject to customary closing conditions including approval by the shareholders of Dyna Ten. In light of the required amortization expense related to 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.
Brian Lane, Comfort Systems USA’s chief executive officer, said, “We are extremely happy to announce that Dyna Ten is joining Comfort Systems USA. Dyna Ten has a long history of providing extraordinary outcomes for its customers in medical, industrial, and commercial markets. This partnership with Dyna Ten brings excellent capabilities, resources, and leadership at every level, together with a tremendous reputation and solid customer relationships, and we expect that Dyna Ten will continue to grow and improve for years to come. We also believe interaction between our existing companies and Dyna Ten will strengthen and improve our existing operations in Texas, and across all of Comfort Systems USA.”
Comfort Systems USA has 89 locations in 80 cities around the nation. For more information, visit www.comfortsystemsusa.com.
Publication date: 4/14/2014