Emcor to acquire Miller Electric for $865M in cash, sees accretion

Emcor (EME) announced that it has entered into a definitive agreement to acquire Miller Electric for $865M in cash, subject to customary adjustments. The boards of directors of both companies unanimously approved the transaction. Headquartered in Jacksonville, Florida, Miller Electric designs, installs, maintains, upgrades, and replaces electrical systems and related technologies across the Southeast. Miller Electric’s revenues are currently 90% generated from Florida and the greater Southeastern U.S., where Emcor has limited electrical construction presence. Emcor expects Miller Electric to generate approximately $805M in revenue and approximately $80M in adjusted EBITDA in calendar year 2024. As of November 2024, Miller Electric had $755M in remaining performance obligations. Upon completion of the acquisition, Miller Electric will operate within Emcor’s Electrical Construction Services segment under Dan Fitzgibbons, president and CEO of Emcor Electrical Construction Services. Henry Brown will continue to serve as CEO of Miller Electric with the Miller Electric leadership team remaining in place. Miller Electric will remain headquartered in Jacksonville, Florida. Emcor expects to fund the transaction through cash on hand with an expected close in the first half of 2025, subject to customary closing conditions. Hart-Scott-Rodino approval has already been obtained for the transaction. The transaction is expected to be modestly accretive to Emcor’s earnings per share in 2025 with further accretion in future years.