MYR Group, Inc., Rolling Meadows, Ill., recently acquired substantially all assets of CSI Electrical Contractors, Inc., headquartered in Santa Fe Springs, Calif. Valued at approximately $79.7 million (subject to working capital and net asset adjustments), the transaction closed on July 15.
Over the last two years, the average annual revenues of CSI were approximately $265 million.
“The addition of CSI to MYR Group continues to strengthen our C&I service offerings and geographic reach, strengthening our market position and allows us to continue to provide additional services to both new and existing customers,” says MYR Group’s President and CEO Rick Swartz. “CSI brings a high-quality workforce and strong management team with decades of experience, who share our culture, values and commitment to delivering superior service to our customers through operational excellence.”
According to Swartz, his firm is most impressed by CSI’s reputation in the clean energy market and looks forward to leveraging this strength across a wider footprint.
“We expect their diverse project portfolio, strong reputation, design skills and assist capabilities will enhance our ability to capture projects,” he says.