Group Maintenance America Corp. (GroupMAC), Houston, Texas, moved closer to its goal of becoming the leading single-source provider of mechanical and electrical services in the U.S., buying eight more contractors in late August. The eight have total annual revenues of approximately $160 million, increasing GroupMAC's annual revenues to about $800 million.
The aggregate consideration for the eight transactions was approximately $93.8 million, consisting of $42.8 million in cash, 2.5 million shares of stock, and the assumption of $7.8 million in long-term debt, a company official said. The business mix of these companies is primarily commercial and industrial in nature, he said.
The companies acquired are: Central Air Conditioning Contractors, Inc. of Columbia, Md.; Converse Electrical Contractors of Columbus, Ohio; The Farfield Co. of Lititz, Pa.; Ferguson Electric Corp. of Colorado Springs, Colo.; Merritt Island Air & Heat, Inc. of Merritt Island, Fla.; Phoenix Electric Co. of Tigard, Ore.; Reliable Mechanical, Inc. of Louisville, Ky.; and Romanoff Electric Corp. of Toledo, Ohio. All will operate under their names as subsidiaries of GroupMAC.