Comfort Systems USA®, Inc. a leading provider of mechanical services, including heating, ventilation, air conditioning, plumbing, piping and controls, announced on Feb. 21 that it has entered into a definitive agreement to acquire Walker TX Holding Company, Inc. and its related subsidiaries (“Walker”) headquartered in Irving, Texas.
Walker is a family-owned company that provides commercial electrical, network, end-user, industrial and related services in Texas. Walker has offices and operations in the Dallas/Fort Worth area, Houston, San Antonio and Austin and has helped to build many of the largest and most complex projects in the State of Texas. Initially, Walker is expected to contribute annualized revenue of approximately $325 million to $375 million, and earnings before interest, taxes, depreciation and amortization of $20 million to $25 million. In light of the required amortization expense related to intangibles and other costs associated with the transaction, the acquisition is expected to make a neutral to slightly accretive contribution to earnings per share during the first 18 to 24 months after the acquisition. The transaction is expected to close early in the second quarter of 2019 and is subject to customary closing conditions.
Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented, “We are extremely happy to announce that Walker and its extraordinary team of professionals will be joining Comfort Systems USA. Walker has a 30+ year history of delivering top-notch electrical contracting and related services and has an outstanding reputation across all of the major markets of Texas in the mission critical, hospitality, healthcare and industrial sectors.”
Scott Walker, Chief Executive Officer of Walker, commented, “My team chose to join Comfort Systems USA from among many strong options because we believe that Comfort is fully committed to its employees, starting at the field level, and that this partnership is the best way to provide additional opportunities and growth for all of our employees. We feel confident that Walker and Comfort Systems USA have a bright future together.”
Brian Lane concluded, “Walker brings best-in-class electrical expertise and a stellar reputation to Comfort Systems USA. Given the strong leadership at all levels of the company, we believe that Walker will continue to grow and improve. We could not be happier that the Walker team is joining Comfort Systems USA, and we believe that they will provide us with a strong base for continued growth and investment in the electrical contracting business that will complement and strengthen our existing mechanical, plumbing, controls, fire suppression and electrical lines of business across the United States.”
Comfort Systems USA operates 128 locations in 114 U.S. cities. Learn more at comfortsystemsusa.com.