Engineering Tech, Construction
Business Wire | February 01, 2024
Comfort Systems USA, Inc. today announced that it has closed its previously announced transaction to acquire Summit Industrial Construction, LLC (“Summit”) headquartered in Houston, Texas.
As previously disclosed, Summit is a specialty industrial mechanical contractor offering engineering, design-assist and turnkey, direct hire construction services of modular systems serving the advanced technology, power, and industrial sectors. Summit’s capabilities encompass a wide range of modular and site-based construction, including process piping, equipment setting, large pipe rack trestles, and related steel erection and specialty concrete work. Summit is a trusted supplier to some of the world’s largest advanced technology, power and industrial companies and is currently deployed on several major chip fabrication projects. Initially, Summit is expected to contribute annualized revenues of approximately $375 million to $400 million, and earnings before interest, taxes, depreciation, and amortization of $35 million to $40 million. In light of the amortization expense, Summit is expected to make a neutral to slightly accretive contribution to earnings per share in 2024 and 2025.
Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented, “We are delighted to announce the closing of our agreement to acquire Summit, an extremely capable provider of modular and other complex mechanical services. Summit brings a stellar reputation as a modular technology leader in growing end markets, including multiple ongoing and large semiconductor projects. We are happy to welcome Summit’s wonderful leadership team and excellent production and craft workers across many states, and we are confident Summit will continue to innovate and grow as a part of our network of world-class contracting companies. We are grateful that Summit has chosen to become part of Comfort Systems USA.”
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Engineering Tech, Construction
PR Newswire | January 25, 2024
PirTano Construction Company, Inc. ("PirTano"), a leading Midwest-based infrastructure and utility services-focused underground construction company operating in the communications and sewer & water sectors, is pleased to announce its acquisition of Powerlink Electric ("Powerlink"). The transaction closed on November 17, 2023.
Mike Piraino, President of PirTano, said, "The acquisition of Powerlink will operate as a new electrical division, and brings additional service offerings and bench strength of employees as we look forward to continuing to support our customers while capitalizing on additional opportunities."
Founded in 2006 by Doug Pantle and Steve Lipinski, Powerlink Electric ("Powerlink"), is a full-service electrical and telecommunications contractor based in Vernon Hills, Illinois with an outstanding reputation in its regional marketplace and is well known for the reliability and quality of its service. Powerlink primarily focuses on commercial and industrial projects and operates in Northeastern Illinois and surrounding areas. Powerlink will continue to operate under the current leadership as a wholly owned subsidiary of PirTano.
Rising Point Capital ("RPC"), commented on the transaction, "Doug and Steve have built a tremendous reputation in its marketplace. We are very excited to partner with them to help accelerate their growth and with leading a new division at PirTano."Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, served as the exclusive advisor to Powerlink. Generational Equity Executive Managing Director of M&A – Central Region, Michael Goss, Stephen Dinehart, a Generational Group Authorized Affiliate, with support from Vice President, M&A, Lance Thomasson successfully closed the deal.
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Market, Engineering Tech, Construction
PR Newswire | January 30, 2024
<p>JRM Construction Management is proud to announce the completion of a sophisticated project for Rémy Cointreau, a leading international premium spirits distributor. Their new headquarters, spanning 29,850 square feet, is located on the 20th floor of Rudin Management's 3 Times Square tower in New York City.</p><p>Under the guidance of JRM, and in collaboration with TPG Architects, RDA, and Cresa Project Management, the team crafted a full-floor headquarters that embodies Rémy Cointreau's signature luxury brand. The space includes state-of-the-art collaborative work areas, and features high-end bars, perfect for hosting company events and entertaining clients, creating an atmosphere of sophistication and hospitality. Additionally, the new conference rooms are equipped with cutting-edge presentation capabilities, enhancing communication and collaboration among Rémy Cointreau's team members.</p><p>Marc Reissman, Executive VP at JRM, expressed his pride in the project, stating, "Collaborating with Rémy Cointreau to bring their vision to life was a true pleasure. The attention to detail and seamless integration of artistic elements in the design reflects the brand's essence perfectly. This project stands as a testament to our commitment to excellence and our ability to transform visions into inspiring realities."</p>
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