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Comfort Systems USA to Acquire TAS Energy Inc.; Terms Not Disclosed

Comfort Systems USA, Inc. (NYSE: FIX) today announced that it has entered into a definitive agreement to acquire TAS Energy Inc. ("TAS") headquartered in Houston, Texas.

Benzinga · 03/10/2020 09:41

Comfort Systems USA, Inc. (NYSE: FIX) today announced that it has entered into a definitive agreement to acquire TAS Energy Inc. ("TAS") headquartered in Houston, Texas.

Founded in 1999, TAS is a leading engineering, design and construction provider of modular construction systems serving the Technology, Power and Industrial sectors. TAS capabilities encompass a wide range of modular construction, and TAS is a trusted supplier to some of the world's largest technology, power and industrial companies. Initially, TAS is expected to contribute annualized revenues of approximately $170 million to $190 million, and earnings before interest, taxes, depreciation and amortization of $15 million to $17 million. The acquisition is expected to make a neutral to slightly accretive contribution to earnings per share in 2020 and 2021.

Brian Lane, Comfort Systems USA's Chief Executive Officer, commented, "We have admired and respected TAS' modular construction capabilities for years and are extremely happy to announce that TAS and its extraordinary team of professionals will join Comfort Systems USA. With three strategically located Houston facilities encompassing over 600,000 square feet, TAS has the capacity to execute large scale modular programs for its many customers. This investment will accelerate the growth of our modular construction offering in additional business lines and regions of the U.S. that are experiencing significant demand for these services. Offsite construction is growing in importance to our customers and provides a great way to maximize the productivity and safety of our highly skilled workforce. For over 20 years, TAS has been a leader in designing and developing technologically advanced modular products for some of the world's most innovative companies and will be a key platform to accelerate our modular solutions, especially for high tech and advanced industrial customers."

J.T. Grumski, Chief Executive Officer of TAS, commented, "We sought out Comfort Systems USA based on our belief that we can leverage their complementary capabilities and assets to better serve our customers as well as experience a strong cultural alignment and commitment to employees. As a part of Comfort Systems USA we can continue our strategic customer focus, provide even more value to customers with additional capabilities and at the same time provide our employees expanded training and growth opportunities. We believe that TAS and Comfort Systems USA have a bright future together."

Brian Lane concluded, "TAS brings extraordinary capabilities and a long-standing reputation as a modular technology leader in growing end markets. Given the strong leadership at all levels of the company, we believe that TAS will continue to innovate and grow. We are truly excited that TAS is joining Comfort Systems USA."