Comfort Systems USA (FIX) Acquires Ivey Mechanical Company

December 1, 2021 4:34 PM EST

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Comfort Systems USA, Inc. (NYSE: FIX) today announced that it has entered into a definitive agreement to acquire Ivey Mechanical Company, LLC (“Ivey”) headquartered in Kosciusko, Mississippi.

Ivey was founded in 1947 and provides mechanical contracting and service across the Southeastern United States. In addition to Mississippi, Ivey has locations in Tennessee, Kentucky, North Carolina, Alabama, and Georgia, and works in the surrounding states. Initially, Ivey is expected to contribute annualized revenues of approximately $150 million to $160 million, and earnings before interest, taxes, depreciation, and amortization of $7 million to $9 million. Considering the required amortization expense related to intangibles and other costs associated with the transaction, the acquisition is expected to make a neutral to slightly accretive contribution to earnings per share in 2022 and 2023.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented, “We are very happy to announce that Ivey has brought its outstanding workforce and leadership into our family of companies. Ivey has strong construction and service capabilities, including the ability to collaborate with numerous of our operations. I am confident that we will benefit from their expertise as we invest in training and development for their people and business. In addition to well-known construction capabilities, Ivey has a terrific service business in several markets.”

Denny Terrell, Chief Executive Officer of Ivey, commented, “We have maintained a positive dialogue with Comfort Systems USA for more than 20 years, and we believe that this transaction will benefit us and our customers. Our great workforce and relationships will be a good fit in the Comfort family of companies. Our top consideration in choosing Comfort Systems USA was cultural fit, commitment to employee and customer needs, and shared fundamental values. We believe that our long tradition of serving our community, employees and customers, will only be enhanced by this transaction.”

Brian Lane concluded, “Ivey has great people and a strong reputation, and I am really happy that Ivey has chosen to join Comfort Systems USA.”

Comfort Systems USA® is a leading provider of commercial, industrial, and institutional heating, ventilation, air conditioning and electrical contracting services, with 152 locations in 120 cities around the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com.



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