Autonomous vehicles: Automotive and transportation disruption

It is extraordinary for a technology to have the opportunities and disruption potential that autonomous vehicles will have over the next decades. Market opportunities worth trillions of dollars are forecast to emerge across transportation segments and different AV use cases. Tens of billions of dollars have been invested by high-tech companies, startups, auto manufacturers, their supply chains and many other companies-with more to come. To give perspective, the table below summarizes the potential impact of AV technology. It is imperative to understand the difference between SAE Level 4 and Level 5 autonomous operation. L4 AVs can operate in specific areas that are usually defined by geographic boundaries. L4 AVs also include preprogrammed, fixed routes such as local bus routes, campus routes and similar trips-usually at low speeds. L5 AVs are autonomous vehicles that can operate anywhere within a country.

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Materials, Construction

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PR Newswire | January 04, 2024

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Engineering Tech, Construction

Comfort Systems USA Announces Acquisition

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

PirTano Construction acquires Powerlink Electric

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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