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EMCOR Group Acquires RepconStrickland

EMCOR Group, Inc. recently entered into a definitive agreement to acquire RepconStrickland, Inc., a leading provider of recurring turnaround and specialty services to the North American refinery and petrochemical markets. EMCOR is acquiring the privately held company in an all-cash transaction valued at approximately $455 million from its shareholders, including its majority shareholder, an affiliate of ArcLight Capital Partners, LLC, an energy focused private equity fund.

Headquartered in La Porte and Corpus Christi, Texas, RepconStrickland, which generated revenues of approximately $400 million in 2012, has a 36-year history as one of the preeminent U.S. industrial and refinery service companies. The RepconStrickland platform includes five recognized brands with capabilities encompassing a broad spectrum of turnaround and specialty services, including shutdowns, overhauls, revamps, capital projects, engineering and constructability reviews, project management, welding services, refractory services, tower services, and emergency repair.

“The acquisition of RepconStrickland strengthens our position in the industrial and energy sectors, which are attractive industries poised for future growth," said Tony Guzzi, president and CEO of EMCOR Group. "RepconStrickland is an extremely well-run organization that provides turnaround and specialty services across North America, with a focus in the U.S. Gulf. The team has an outstanding reputation in the industry, from both managerial and safety perspectives, and will become a key asset to EMCOR going forward. RepconStrickland operates in markets adjacent to our existing Ohmstede operations, provides solid long-term growth potential, is resilient during down cycles, and creates additional access to high-margin, high-growth markets that will help fulfill many of our strategic goals.”

The transaction is expected to close in early July, subject to customary closing conditions and regulatory approvals. The acquisition of RepconStrickland is expected to be accretive to EMCOR’s earnings for the balance of 2013 by approximately $0.10 per share, excluding transaction expenses, with significantly accelerated earnings per share contribution in 2014. Estimated transaction costs are expected to be between $6 million and $7 million.

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