- Acquires ShoffnerKalthoff Family of Companies in Knoxville,
Tennessee -
HOUSTON--(BUSINESS WIRE)--Feb. 2, 2016--
Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of
commercial, industrial and institutional heating, ventilation and air
conditioning (“HVAC”) services, today announced that it has acquired the
ShoffnerKalthoff family of companies, which includes ShoffnerKalthoff
Mechanical Electrical Service, Inc., Shoffner Mechanical Services, Inc.
and SKMES, Inc. (collectively, “Shoffner”) headquartered in Knoxville,
Tennessee.
Shoffner is a regional mechanical contractor based in Knoxville,
Tennessee. Shoffner engages in a broad range of mechanical contracting
projects, HVAC service and electrical contracting in Knoxville and
surrounding areas. Initially, Shoffner is expected to contribute
annualized revenues of approximately $70 million at profitability levels
that are generally comparable to those currently experienced by Comfort
Systems USA operations. In light of 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 during the first 12 to 18 months
after the acquisition.
Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented,
“We are extremely happy to announce that Shoffner is now a part of the
Comfort Systems USA family of companies. Shoffner has a long history of
contracting excellence, and this partnership brings exceptional
capabilities, resources and leadership, a well-established reputation
for quality workmanship, and valuable customer relationships. Shoffner’s
strong team will strengthen our market leadership and customer offerings
throughout the Southeast and Mid-Atlantic markets.”
Comfort Systems USA is a premier provider of business solutions
addressing workplace comfort, with 94 locations in 85 cities around the
nation. For more information, visit the Company’s website at www.comfortsystemsusa.com.
Certain statements and information in this press release may
constitute forward-looking statements regarding our future business
expectations, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,”
“could,” or other similar expressions are intended to identify
forward-looking statements, which are generally not historic in nature.
These forward-looking statements are based on the current expectations
and beliefs of Comfort Systems USA, Inc. and its subsidiaries
(collectively, the “Company”) concerning future developments and their
effect on the Company. While the Company’s management believes that
these forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting the Company will
be those that it anticipates. All comments concerning the Company’s
expectations for future revenue and operating results are based on the
Company’s forecasts for its existing operations and do not include the
potential impact of any future acquisitions. The Company’s
forward-looking statements involve significant risks and uncertainties
(some of which are beyond the Company’s control) and assumptions that
could cause actual future results to differ materially from the
Company’s historical experience and its present expectations or
projections. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are
not limited to: the use of incorrect estimates for bidding a fixed-price
contract; undertaking contractual commitments that exceed the Company’s
labor resources; failing to perform contractual obligations efficiently
enough to maintain profitability; national or regional weakness in
construction activity and economic conditions; financial difficulties
affecting projects, vendors, customers, or subcontractors; the Company’s
backlog failing to translate into actual revenue or profits; failure of
third party subcontractors and suppliers to complete work as anticipated;
difficulty in obtaining or increased costs associated with bonding
and insurance; impairment to goodwill; errors in the Company’s
percentage-of-completion method of accounting; the result of competition
in the Company’s markets; the Company’s decentralized management
structure; material failure to comply with varying state and local laws,
regulations or requirements; debarment from bidding on or performing
government contracts; shortages of labor and specialty building
materials; retention of key management; seasonal fluctuations in the
demand for HVAC systems; the imposition of past and future liability
from environmental, safety, and health regulations including the
inherent risk associated with self-insurance; adverse litigation
results; an increase in our effective tax rate; an information
technology failure or cyber security breach; and other risks detailed in
our reports filed with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on forward-looking statements,
which speak only as of the date hereof. The Company undertakes no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information,
future events, or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160202005402/en/
Source: Comfort Systems USA, Inc.
Comfort Systems USA, Inc.
William George, (713) 830-9600
Chief
Financial Officer