EMCOR Group, Inc. Announces Agreement to Sell EMCOR UK to OCS Group UK Limited

Transaction Sharpens EMCOR’s Focus on High-Growth Sectors in the United States

NORWALK, Conn.--(BUSINESS WIRE)-- EMCOR Group, Inc. (“EMCOR” or the “Company”) (NYSE: EME) today announced that it has entered into a definitive agreement to sell EMCOR Group (UK) plc (“EMCOR UK”), the Company’s United Kingdom building services segment, to OCS Group UK Limited (“OCS”), a U.K.-based international facilities services company, for a total enterprise value of approximately £190 million, equivalent to $255 million at current exchange rates.

“With the sale of EMCOR UK, we are accelerating our ‘local execution, national reach’ strategy to further focus our business across our large, diverse and attractive end markets in the United States, where we continue to see significant opportunity,” said Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR. “We have a lot of momentum in the business and intend to use the proceeds from this sale to expand our electrical and mechanical construction and mechanical services businesses, including through disciplined acquisitions, to provide customers with more comprehensive service offerings.”

Mr. Guzzi added, “We are grateful to our EMCOR UK team members who have made this milestone possible and are confident OCS has the resources and expertise to support EMCOR UK’s continued success.”

“EMCOR UK has built an impressive U.K. technical services business, with proven expertise in complex and critical environments,” said Rob Legge, Chief Executive Officer of OCS. “We see strong strategic and cultural alignment and look forward to working together through the transition to ensure a smooth and consistent experience for colleagues and customers.”

Transaction Details

Under the terms of the agreement, OCS will acquire EMCOR UK through OCS’ wholly-owned U.K. subsidiary. The transaction was unanimously approved by the boards of directors of both companies and is expected to close by the end of 2025, subject to U.K. National Security and Investment (NSIA) clearance.

In fiscal year 2024, EMCOR UK generated approximately $425.5 million in revenue and $21.5 million in operating income. The transaction is expected to be accretive to EMCOR’s operating margin profile.

Advisors

Evercore is serving as financial advisor to EMCOR, and Ropes & Gray LLP is serving as its legal advisor. Weil, Gotshal & Manges LLP is serving 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 in the “Investor Relations” section of our website at www.emcorgroup.com. 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 closing of the transaction, 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, uncertainties as to the timing of the closing of the transaction; the occurrence of any circumstance that could give rise to the termination of the transaction agreement; the ability of the parties to consummate the proposed transaction by the end of 2025 or at all; the satisfaction of the conditions precedent to the consummation of the proposed transaction; the performance of retained businesses following the expected sale; and the potential use of sale proceeds to return cash to EMCOR shareholders or invest entirely in organic 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.

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EMCOR



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Source: EMCOR Group, Inc.