EMCOR Group (
) is now up 5.7% at near $40.90 after the company said late Monday
that it has entered into a definitive agreement to acquire
RepconStrickland, a provider of recurring turnaround and specialty
services to the North American refinery and petrochemical markets.
EMCOR is acquiring the privately held company in an all-cash
transaction valued at approximately $455 million from its
shareholders, including its majority shareholder, an affiliate of
ArcLight Capital Partners, LLC, an energy-focused private equity
The company also said that it expects the RepconStrickland
acquisition to be modestly accretive with about $0.10 in 2013,
excluding transaction expenses, with that accretion anticipated to
accelerate in 2014. Estimated transaction costs are expected to be
between $6.0 million - $7.0 million.
Also, EMCOR's subsidiary Poole & Kent Company recently
received a contract to install a reverse osmosis water treatment
plant in Clearwater, FL. The financial terms of the deal were not
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