8-KOther Events

EMCOR Group, Inc. 8-K Report (Mar 13, 2002)

Filed March 13, 2002For Securities:EME

Summary

EMCOR Group, Inc. (EME) has filed a Current Report on Form 8-K detailing a significant acquisition that occurred on March 1, 2002. The company, through its wholly-owned subsidiary EMCOR-CSI Holding Co., acquired 19 subsidiaries of Comfort Systems USA, Inc. This strategic move represents a substantial expansion for EMCOR, integrating new operations and assets into its existing business structure. The transaction was financed through a combination of cash and assumed debt, with a portion of the cash funded by a revolving credit facility, indicating the company's use of leverage to facilitate growth. Investors should note that the acquisition is expected to impact EMCOR's financial performance and market position. While the full financial details of the acquired businesses and pro forma impacts will be filed later, this report confirms the closing of the deal and its financial terms. The acquisition of these Comfort Systems subsidiaries signifies EMCOR's commitment to inorganic growth and potentially broadens its service offerings and geographic reach within the building systems and services sector.

Key Highlights

  • 1EMCOR Group, Inc. (EME) acquired 19 subsidiaries of Comfort Systems USA, Inc. on March 1, 2002.
  • 2The acquisition was conducted through EMCOR's wholly-owned subsidiary, EMCOR-CSI Holding Co.
  • 3The total consideration for the acquisition was approximately $164.25 million in cash, plus the assumption of approximately $22 million in notes payable.
  • 4A portion of the cash payment, $50 million, was financed through a revolving loan under EMCOR's existing credit facility.
  • 5The remaining cash purchase price was funded by EMCOR's available cash.
  • 6Detailed financial statements for the acquired businesses and pro forma financial information will be filed at a later date (within 60 days of the report filing).
  • 7The filing incorporates by reference the Purchase Agreement dated February 11, 2002.

Frequently Asked Questions

The main purpose of this 8-K filing was to report the material event of EMCOR Group, Inc. acquiring 19 subsidiaries of Comfort Systems USA, Inc. on March 1, 2002, and to disclose the key terms of this acquisition.

The acquisition was financed with approximately $164.25 million in cash and the assumption of approximately $22 million in notes payable. Of the cash portion, $50 million was drawn from EMCOR's revolving credit facility, and the remainder was funded by the company's own available cash.

EMCOR Group, Inc. is required to file the financial statements of the acquired businesses and pro forma financial information within 60 days of the report's filing date (March 13, 2002). This means investors can expect these detailed financials by approximately May 12, 2002.

No, this specific 8-K filing does not include the financial statements of the acquired businesses or pro forma financial information. These will be filed as separate amendments or in subsequent filings within the required 60-day timeframe.