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EMCOR Group, Inc. ("EMCOR" or the "Company") (NYSE: EME) today announced that it has completed its previously announced sale of EMCOR Group (UK) plc ("EMCOR UK") to OCS Group UK Limited ("OCS") for a total enterprise value of approximately £190 million, equivalent to approximately $250 million at current exchange rates.
"The completion of the sale of EMCOR UK marks another milestone in accelerating our ‘local execution, national reach' strategy, which enables us to sharpen our focus on large, diverse and attractive end markets in the United States," said Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR. "We remain committed to delivering exceptional, comprehensive offerings for our customers that build, power, service and protect facilities and critical infrastructure across the country."
Mr. Guzzi added, "We are grateful for the hard work and dedication of the EMCOR UK team and expect that the business will thrive as part of OCS."
The sale of EMCOR UK provides further financial flexibility for EMCOR to strategically grow its business. The Company intends to use proceeds from the sale to expand EMCOR's electrical and mechanical construction and mechanical services businesses, including through disciplined acquisitions. The transaction is expected to be modestly accretive to EMCOR's operating margin profile.
"We are excited to officially welcome the talented EMCOR UK team to OCS," said Rob Legge, Chief Executive Officer of OCS. "Together, we will have the combined scale, technical depth and enhanced capabilities to deliver an even broader offering for customers across critical sectors, while building on our shared culture of safety and operational excellence."
Advisors
Evercore served as financial advisor to EMCOR, and Ropes & Gray LLP served as its legal advisor. Weil, Gotshal & Manges LLP served as legal advisor to OCS.
About EMCOR
A Fortune 500 company and a member of the S&P 500, EMCOR Group, Inc. is a leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company's website at www.emcorgroup.com . EMCOR routinely posts information that may be important to investors on the landing page of the Company's website and in the "Investor Relations" section of our website at www.emcorgroup.com/investor-relations . Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
About the OCS Group
OCS is a £3 billion integrated facilities management company employing more than 130,000 colleagues worldwide. Headquartered in the UK, OCS operates nationwide and in Ireland, with a broad international footprint across Asia Pacific and the Middle East.
The company delivers hard services, energy management and transition, security, cleaning, catering, and additional support services such as landscaping and pest control, to over 8,000 customers across the public and private sectors. Founded in 1900, OCS combines 125 years of operational expertise with a people-first, technology-enabled approach that enhances performance, reduces risk, and creates the best outcomes for colleagues, customers, and communities.
OCS also operates under the PCS brand in Thailand.
Learn more at https://ocs.com/
Forward Looking Statements
This press release contains forward-looking statements. Such statements speak only as of this press release, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding the anticipated use of proceeds from the sale and the impact on EMCOR's operating margin profile. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, the performance of retained businesses following the expected sale and the potential use of sale proceeds to return cash to EMCOR shareholders or invest in growth opportunities. Certain of the risk factors associated with EMCOR's business are also discussed in Part I, Item 1A "Risk Factors," of the Company's 2024 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com . Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251201926262/en/
Lucas Sullivan
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FTI Consulting, Inc.
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