Comfort Systems USA (FIX) has acquired Atlantic Electric

Comfort Systems USA, Inc. (NYSE: FIX) (“Comfort Systems USA”) today announced that it has acquired Atlantic Electric, LLC, and its related subsidiary (together, “Atlantic”), headquartered in Charleston, South Carolina, and with operations in South Carolina and Western North Carolina.

Atlantic was founded in 1969 and performs electrical contracting for customers in various South Carolina markets, as well as installation of airport runway lighting in the Southeast. Initially, Atlantic is expected to contribute annualized revenues of approximately $50 million, and earnings before interest, taxes, depreciation, and amortization of approximately $5 million.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented, “Atlantic Electric and its affiliated companies bring us well-established reputations and capabilities in important Carolina markets, as well as expertise in industrial markets including runway lighting capabilities across the Southeast.”

Lee Richardson and Mike Richardson, President and Vice President of Atlantic Electric commented, “Choosing to join the Comfort Systems USA team was an easy decision for us, especially given the strong cultural fit, safety emphasis, and commitment to training. We believe this partnership will enhance our commitment and investment in our people and allow us to better serve our customers and communities. We feel confident in a bright future together.”

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.

Comfort Systems USA® is a leading provider of commercial, industrial, and institutional heating, ventilation, air conditioning and electrical contracting services, with 169 locations in 126 cities around the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com.

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