- Announces Closing of BCH Holdings Acquisition -
HOUSTON--(BUSINESS WIRE)--Apr. 3, 2017--
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 closed its
previously announced transaction to acquire the BCH Holdings, Inc.
family of companies (“BCH Mechanical”) headquartered in Tampa, Florida.
BCH Mechanical® is a regional mechanical contractor based in
Tampa, Florida. BCH Mechanical engages in a broad range of mechanical
contracting projects and services in central Florida, and conducts
service operations in 10 states throughout the southeast.
Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented,
“We are extremely happy to announce the closing of the BCH Mechanical
acquisition, extending our family of companies in the central Florida
area. We believe that BCH Mechanical is a premier mechanical contractor,
providing extraordinary outcomes for its customers in industrial,
medical and commercial markets. BCH Mechanical brings an established
reputation for innovation and excellence, and we believe that they will
greatly improve our customer offering throughout Florida and the
southeast.”
Daryl Blume, BCH Mechanical principal owner and President, commented,
“We believe that Comfort Systems USA shares our core beliefs, including
customer value, innovation and employee growth and opportunity. We look
forward to a strong partnership for our collective future.”
As previously disclosed, initially BCH Mechanical is expected to
contribute annualized revenues of approximately $100 million to $110
million at profitability levels that are generally equal to or above
those currently experienced by existing 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.
Comfort Systems USA® is a premier provider of business
solutions addressing workplace comfort, with 104 locations in 93 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 mechanical 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.
For additional information regarding known material factors that
could cause the Company’s results to differ from its projected results,
please see its filings with the SEC, including its Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K.
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/20170403006511/en/
Source: Comfort Systems USA, Inc.
Comfort Systems USA, Inc.
William George, (713) 830-9600
Chief
Financial Officer