Comfort Systems USA to acquire Summit Industrial, sees accretion

Comfort Systems USA announced that it has entered into a definitive agreement to acquire Summit Industrial Construction headquartered in Houston, Texas. The transaction is currently expected to close in the first quarter of 2024. 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. Initially, Summit is expected to contribute annualized revenues of approximately $360M to $400M, and earnings before interest, taxes, depreciation, and amortization of $30M to $45M. 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.