Everus completes US$295 million acquisition of Epsilon Industries
The cash deal adds prefabricated mechanical and electrical systems across the United States and Canada, with Everus to disclose Epsilon’s financial contribution in its third-quarter results.
Everus Construction Group completed its US$295 million cash acquisition of Epsilon Industries on 1 September, expanding its modular construction capabilities and geographic reach, according to information reported by Yahoo Finance.
Epsilon produces prefabricated mechanical and electrical systems at plants in the United States and Canada. Everus said the business will support work in data centres, advanced manufacturing and healthcare.
Epsilon president Chris Wiederick and its existing leadership are expected to remain in place. Everus funded the acquisition with cash on hand and new borrowings under its credit facilities.
The transaction follows a strong second quarter for Everus. Revenue rose 33.7% to US$1.23 billion, while backlog reached US$4.55 billion. The electrical and mechanical segment accounted for much of the growth, with revenue up 41.6% and backlog at US$4.16 billion.
Everus raised its full-year guidance to US$4.5 billion–US$4.7 billion in revenue and US$410 million–US$425 million in EBITDA before including Epsilon. Management plans to provide Epsilon’s financial contribution with its third-quarter results.
The company’s reported net leverage of 0.3 times as at 30 June predates the new borrowings and does not show the post-acquisition position. Epsilon’s effect on revenue, earnings and EBITDA also remains undisclosed.
