EMCOR Announces Plans to Acquire Miller Electric Co.

EMCOR Group Inc., Norwalk, CT,  plans to acquire Miller Electric Co. Jacksonville, FL, a large electrical contractor serving high-growth areas across the Southeastern U.S., for $865 million in cash. Miller Electric designs, installs, maintains, upgrades and replaces complex electrical systems and related technologies across the Southeast. Miller Electric has more than 1,000 clients across a broad array of industries, with a focus on high-growth sectors including data centers, manufacturing and healthcare. With a workforce of more than 3,500 professionals and a scaled commercial electrical contractor platform with 21 branch locations, Miller Electric provides clients both traditional electrical contracting as well as systems integration, repairs and maintenance, building automation, energy and sustainability solutions and engineering services.

EMCOR was ranked #4 on EC&M’s 2024 Top 50 Electrical Contractors listing with approximately $2.8 billion in sales, and Miller Electric was ranked #22 with approximately $606 million in revenues.

According to the EMCOR press release, Miller Electric has a strong growth, margin, and free cash flow profile, with approximately 90% of the company’s revenues currently generated from Florida and the greater Southeastern U.S., where EMCOR has limited electrical construction presence today. EMCOR expects Miller Electric to generate approximately $805 million in revenue and approximately $80 million in adjusted EBITDA in calendar year 2024. As of Nov. 2024, Miller Electric had $755 million in remaining performance obligations. 

Tony Guzzi, Chairman, president, and CEO of EMCOR, said in the press release,  “Miller Electric’s service-first mindset, long-standing reputation of excellence, and forward-thinking approach have positioned it as a leading non-residential electrical and technology contractor in the Southeastern United States. The addition of Miller Electric expands EMCOR’s electrical capabilities through their suite of comprehensive, mission-critical services and bolsters our already strong presence in high-growth areas including data centers, manufacturing, and healthcare. With a complementary geographic footprint, this transaction enables us to enhance our ‘local execution, national reach’ strategy as we broaden our overall construction services platform.”

“By leveraging advanced technologies such as virtual design and construction, along with prefabrication techniques, they have a proven record of continually improving project efficiency and quality for their clients,” added Dan Fitzgibbons, president and CEO of EMCOR Electrical Construction Services.

Henry Brown, Miller Electric’s CEO, said in the release, “Joining forces with EMCOR will allow us to further enhance our services and offerings, leveraging additional resources to expand our reach and continue leading the way in serving our clients in the evolving energy and infrastructure landscape. We are confident EMCOR is the right partner for us, bringing a long-term approach and deep understanding of our business, culture, and values. EMCOR will allow us to reach our full potential as a company and create even more opportunities for our employees and the communities we serve. We look forward to continuing our growth for years to come as part of the EMCOR family of companies.”

Upon completion of the acquisition, Miller Electric will operate within EMCOR’s Electrical Construction Services segment under Dan Fitzgibbons, president and CEO of EMCOR Electrical Construction Services. Henry Brown will continue to serve as CEO of Miller Electric with the Miller Electric leadership team remaining in place. Miller Electric will remain headquartered in Jacksonville.