EMCOR Group, Inc.

“Last night, we signed an agreement to acquire the John W. Danforth Company based in Buffalo, New York, with operations across Upstate New York and Ohio.”

EMCOR announced an agreement to acquire Danforth, a Buffalo-based mechanical construction firm with data center, healthcare and industrial expertise, expected to add $350-400M in revenue.

“the acquisition of Miller Electric has expanded our opportunities in this sector, contributing to the nearly 7% RPO growth we experienced year-over-year.”

EMCOR credits its Miller Electric acquisition with expanding healthcare-sector electrical capabilities and driving RPO growth, a positive read-through on the acquired business's integration.

“If you think about the current environment, I think you're referencing, we did Miller and Quanta did Cupertino and then in this morning, they just did DSI.”

EMCOR's CEO notes competitor Quanta Services has also been active in large M&A (Cupertino Electric, DSI), reflecting an increasingly active consolidation environment in electrical/mechanical contracting.

“And if you look at our 2 largest acquisitions we've done in the last 5 or 6 years, Batchelor & Kimball and Miller Electric, both met those criteria.”

EMCOR names Batchelor & Kimball as one of its two largest acquisitions in the past 5-6 years, credited with strong cultural fit and values alignment.

“And if you look at our 2 largest acquisitions we've done in the last 5 or 6 years, Batchelor & Kimball and Miller Electric, both met those criteria.”

EMCOR names Miller Electric as one of its two largest acquisitions in the past 5-6 years, credited with strong cultural fit and values alignment.

“before Taiwan Semiconductor started building fabs in Arizona”

Management cites TSMC's Arizona fab buildout as evidence supporting a long-term reshoring thesis that underpins EMCOR's high-tech manufacturing construction pipeline.

“the $9.4 million of transaction expenses related to our acquisition of Miller Electric, which closed in February”

EMCOR closed its acquisition of Miller Electric in February 2025; Miller contributed $183 million of revenue and roughly $400 million of data-center-related RPOs in the quarter, a meaningfully accretive deal to EMCOR's electrical segment.

“on the margins, only where the high substation where they were trying where people like Amazon were building substations for electric vehicles, major, you know, power input where we're doing gate electrical work at a warehouse.”

EMCOR cited Amazon as an example of a warehouse-sector customer requiring electrical substation buildout for power-intensive operations — a minor data point on Amazon's continued capital spend on warehouse electrical infrastructure.

“Based in Jacksonville, Florida, Miller Electric expands our presence in the southeast, where we previously had limited electrical operations. For full year 2024, the company generated estimated revenues of $805 million, and $80 million in adjusted EBITDA, with RPOs as of December 31st, of just over $700 million.”

EMCOR closed an $865 million acquisition of Miller Electric (Jacksonville, FL electrical contractor, ~$805M revenue / $80M EBITDA) on February 3, 2025, expanding EMCOR's Southeast electrical construction footprint — a full-value exit for Miller's owners and ESOP shareholders.