MYR Group Inc. has signed an asset purchase agreement to acquire the business of E.S. Boulos Company from a subsidiary of Eversource Energy. The transaction closed on April 13, 2015, and was valued at approximately $11.4 million. Over the last five years, ESB's annual revenues ranged from $51 million to $86 million and EBITDA margins ranged from 2.4 percent to 5.7 percent. The acquisition of ESB will further enhance MYR Group's Transmission & Distribution footprint in the northeast region while also establishing a Commercial & Industrial presence in the region.
Headquartered in Westbrook, Maine, ESB offers construction capabilities for the electric utility sector, including substation, transmission and distribution construction. ESB also brings extensive experience providing commercial and industrial electrical construction as well as communications infrastructure installation services. ESB was acquired by Eversource in 2001 and has operated as a stand-alone, non-regulated entity. ESB will continue to operate under its own name as part of the MYR Group of companies.
MYR Group's president Bill Koertner said, "We are very excited about our acquisition of ESB, whose resources and industry expertise offer immediate value to our operations across both our T&D and C&I market segments. This addition strengthens our position in the northeast, a region we believe has excellent near and long-term growth potential. ESB brings a very strong management team and skilled workforce who share our values and commitment to delivering outstanding service to its customers. We welcome the leadership team of Martin Browne, Thomas Driscoll, Richard Hanlin, Scott Marquis, and Alan Ray along with all of ESB's employees into the MYR Group family of companies."