Benzinga - by Shivani Kumaresan, Benzinga Staff Writer.
Comfort Systems USA, Inc (NYSE: FIX) agreed to acquire Houston-based Summit Industrial Construction, LLC for an undisclosed price.
The transaction is currently expected to close in the first quarter of 2024.
The acquisition is expected to contribute annualized revenues of approximately $360 million to $400 million.
It is expected to provide earnings before interest, taxes, depreciation, and amortization (EBITDA)of $30 million to $45 million.
“We believe that Summit will be a key platform to further expand our off-site solutions, especially for advanced technology and heavy industrial customers,” said Comfort Systems CEO Brian Lane.
The company held $137.6 million in cash and equivalents as of Sept. 30, 2023.
Comfort Systems provides commercial, industrial, and institutional heating, ventilation, air conditioning and electrical contracting services, with 169 locations in 129 cities across the U.S.
Summit is a specialty industrial mechanical contractor offering engineering, design-assist and turnkey, direct hire construction services of modular systems.
Price Action: FIX shares closed lower by 0.38% at $205.67 on Friday.
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