The Jacksonville electrical contractor will now be under the EMCOR umbrella
EMCOR Group, Inc. announced February 3 that it has completed its previously announced acquisition of Miller Electric Company, a leading electrical contractor serving high growth areas across the Southeastern U.S., for $865 million in cash, subject to customary adjustments.
The acquisition of Miller Electric increases EMCOR’s presence in high growth sectors and expands the Company’s electrical capabilities through a suite of complementary and comprehensive mission-critical services. EMCOR expects Miller Electric to generate approximately $805 million in revenue and approximately $80 million in Adjusted EBITDA in calendar year 2024. The transaction is expected to be modestly accretive to EMCOR’s earnings per share in 2025, with further accretion in future years.
Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, said, “We are thrilled to officially welcome Henry and the Miller Electric team to EMCOR. The addition of Miller Electric marks a meaningful milestone for our company as we advance our goal to broaden our overall construction services platform and offer clients an even wider range of solutions to meet their needs. As one team, we will build upon our Mission First, People Always culture and shared legacies of delivering innovative, high-quality solutions to drive long-term value for our shareholders, employees and clients alike.”
Henry Brown, Chief Executive Officer of Miller Electric, said, “We could not be more pleased to have found such a strong cultural and strategic fit in EMCOR. This acquisition will provide Miller Electric with meaningful resources to accelerate our momentum as we continue to lead the way in serving our clients. I look forward to seeing all we accomplish together in the coming years.”
Miller Electric will operate within EMCOR’s Electrical Construction Services segment under Dan Fitzgibbons, President and CEO of EMCOR Electrical Construction Services. The Miller Electric leadership team will remain in place and Miller Electric will continue to be headquartered in Jacksonville, Florida.