EMCOR Group, Inc. announced that it has completed its previously announced sale of EMCOR Group plc to OCS Group UK Limited for a total enterprise value of approximately £190 million, equivalent to approximately $250 million at current exchange rates.
“The completion of the sale of EMCOR UK marks another milestone in accelerating our ‘local execution, national reach’ strategy, which enables us to sharpen our focus on large, diverse and attractive end markets in the United States,” said Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR. “We remain committed to delivering exceptional, comprehensive offerings for our customers that build, power, service and protect facilities and critical infrastructure across the country.”
Mr. Guzzi added, “We are grateful for the hard work and dedication of the EMCOR UK team and expect that the business will thrive as part of OCS.”
The sale of EMCOR UK provides further financial flexibility for EMCOR to strategically grow its business. The Company intends to use proceeds from the sale to expand EMCOR’s electrical and mechanical construction and mechanical services businesses, including through disciplined acquisitions. The transaction is expected to be modestly accretive to EMCOR’s operating margin profile.
“We are excited to officially welcome the talented EMCOR UK team to OCS,” said Rob Legge, Chief Executive Officer of OCS. “Together, we will have the combined scale, technical depth and enhanced capabilities to deliver an even broader offering for customers across critical sectors, while building on our shared culture of safety and operational excellence.”
