WASHINGTON (dpa-AFX) - EMCOR Group, Inc. (EME), a provider of mechanical and electrical construction and facilities services, said Friday that it has agreed to acquire P1 Construction, a U.S.-based mechanical and electrical contractor, in an all-cash transaction.
Financial terms of the deal were not disclosed.
P1 Construction provides mechanical and electrical contracting services, including advanced fabrication, across various end markets, including mission-critical facilities.
P1 Construction is expected to generate 2026 revenue of $600 million to $650 million and adjusted EBITDA of approximately $60 million.
Following completion, P1 Construction will become part of EMCOR's Mechanical Construction and Facilities Services segment. P1 CEO Bruce Belcher and the existing leadership team will remain in place.
EMCOR expects to fund the acquisition with cash on hand.
The transaction is expected to close in the first quarter of 2027.
'P1 Construction is an excellent fit for EMCOR, combining a long-standing record of performance and culture of construction innovation with a steadfast commitment to safety, quality and operational excellence,' said Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR.
On the NYSE, EMCOR shares closed down 0.60% at $662.77 on Thursday.
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