Energy Services of America acquires Tribute Contracting & Consultants

Energy Services of America (ESOA) has entered into an Asset Purchase Agreement with Tribute Contracting & Consultants, an underground utility contractor that primarily specializes in water and wastewater system installations in Ohio, Kentucky, and West Virginia. Under the terms of the agreement, Energy Services’ new subsidiary, Tribute Acquisition Company, will purchase substantially all of the assets of Tribute for $22M in cash, less any assumed debt and working capital adjustments, and $2.0M of Energy Services’ common stock. The company expects the transaction will close in early December. Tribute was formed in 2014 by Tom Enyart and Todd Harrah, who will continue in their roles under the new subsidiary.