Engineering Tech, Construction

Gannett Fleming Acquires DiGioia Gray

Gannett Fleming Acquires DiGioia Gray

Gannett Fleming, a leading provider of engineering and infrastructure solutions, announced today that it has acquired DiGioia Gray (the “Company”), a provider of power delivery, geosciences, geotechnical, and civil engineering solutions. The acquisition will deepen Gannett Fleming’s existing transmission and substation engineering offering and allow Gannett Fleming to serve power and utility clients on a larger scale.

Founded in 2004 by Tony DiGioia Jr., PhD, PE, and Dick Gray, PG, DiGioia Gray provides technology-enabled engineering solutions for customers in the power and utility, industrial, and transportation end markets. The Company offers an integrated suite of power delivery solutions, including transmission line and substation design, geologic engineering, and foundation analysis and design, that expand utility infrastructure and enhance resilient power projects. DiGioia Gray has over 120 engineers, geologists, and technologists with deep technical expertise to support the delivery of critical infrastructure projects using proprietary software tools and industry-leading research.

“The need for sustainable infrastructure optimizing the total lifecycle cost of ownership is becoming more urgent as climate change accelerates and impacts decades of underinvestment in critical infrastructure. Substation and transmission engineering is becoming more important on large-scale infrastructure projects as the drive for decarbonization and renewable energy converges with the growing demand for electric vehicles,” said Bob Scaer, PE, CEO of Gannett Fleming. “For over 100 years, Gannett Fleming has helped our clients develop modern infrastructure solutions that span transportation, electrification, and water management. The acquisition of DiGioia Gray will add to our portfolio of differentiated, technology-enabled solutions, all while supporting significant drivers of grid and energy resilience. We couldn’t be more excited to partner with the DiGioia Gray team.”

“We have built an innovative, inclusive, and entrepreneurial culture at DiGioia Gray that is dedicated to high-quality work and thought leadership, as evidenced by our trusted advisor status with clients and portfolio of proprietary software tools developed in partnership with the Electric Power Research Institute,” said Jim Brennan, DiGioia Gray President. “Joining a leading firm like Gannett Fleming allows us to offer an enhanced combination of skills and resources to elevate our client service, further expand our service offering, and drive sustainable growth. This is a transformative combination, and we look forward to accelerating our growth trajectory.”

Gannett Fleming, a portfolio company of OceanSound Partners, is #26 on Engineering News-Record’s Top Design Firms list. This also marks Gannett Fleming’s first acquisition since partnering with OceanSound in December 2022.

About Gannett Fleming

Gannett Fleming is an architecture, engineering, and construction (“AEC”) firm partnering closely with our clients on some of the toughest challenges facing our communities today. We offer comprehensive infrastructure solutions to a wide range of markets, including transportation, life sciences, water resources, education, industrial, federal, power, and energy. Founded in 1915, we are the employer of choice for 2,800+ of the best and brightest in the industry. With a focus on making the built environment safer, as well as more resilient and sustainable, our clients seek us out for our expertise and prefer us for our personal service, innovation, and creative minds. For more information, visit www.gannettfleming.com.

About OceanSound Partners

OceanSound Partners is a New York-based private equity firm that pursues control investments in technology and technology-enabled services companies serving government and enterprise end-markets. OceanSound employs a partnership approach, working closely with founders, entrepreneurs, and executives of middle-market businesses to drive transformational growth.

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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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