ROLLING MEADOWS, Ill., July 15, 2019 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), announced that it has acquired substantially all of the assets of CSI Electrical Contractors, Inc. (“CSI”). CSI is a leading full-service electrical contractor headquartered in Santa Fe Springs, California. CSI provides services throughout California to a wide range of end markets. The transaction closed today and was valued at approximately $79.7 million, subject to working capital and net asset adjustments. Additionally, there could also be conditional payments based on the successful achievement of certain performance targets. Over the past two years, CSI’s average annual revenue was approximately $265 million.
“The addition of CSI to the MYR Group continues to strengthen our C&I service offerings and geographic reach, strengthening our market position and allowing us to continue to provide additional services to new and existing customers,” said the Chairman and MYR Group CEO, Rick Swartz. “CSI brings a high quality workforce and a strong management team with decades of experience, who share our culture, values and commitment to providing superior service to our customers through operational excellence. We are very impressed with CSI’s reputation in the clean energy market and have offered the opportunity to leverage this strength across a broader footprint. We expect their diverse project portfolio, strong reputation, design skills and support capabilities to enhance our ability to capture projects. We are delighted to welcome CSI employees to the MYR Group organization and look forward to making this transition a smooth one.
CSI will operate as CSI Electrical Contractors, Inc. as one of the subsidiaries of the MYR Group.
About MYR Group Inc.
MYR Group is a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Western Canada, who own the experience and expertise to carry out electrical installations of any type and size. Their comprehensive services on power transmission and distribution networks and substation installations include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, facility owners industrialists and other entrepreneurs. Commercial and industrial electrical contractor services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the United States and Western Canada. For more information, visit myrgroup.com.
CSI is a full-service electrical contractor headquartered in Santa Fe Springs, California. Founded in 1990, CSI offers a wide range of commercial and industrial electrical construction services with significant experience completing work in the solar, aerospace, healthcare, government and biomedical markets. CSI also has significant self-execution capabilities in electrical system construction and retrofit projects, technology integration and alternative energy projects, preconstruction services, prefabrication, telecommunications, design- construction/design assistance and methodologies for carrying out integrated projects. For more information, visit csielectric.com.
Various statements contained in this announcement, including those that express a belief, expectation or intent, as well as those that are not statements of historical fact, are forward-looking statements. Forward-looking statements may include projections and estimates regarding the timing and success of specific projects and our future production, revenues, revenues, capital expenditures, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate”, “believe”, “encourage”, “estimate”, “expect”, “intend”, “probable”, “could”, ” objective”, “outlook”, “plan”, “possible”, “potential”, “project”, “remain confident”, “should”, “unlikely” or other words that convey uncertainty of events or results future. The forward-looking statements contained in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (except as required by securities laws), and caution you not to place undue reliance on them. We have based these forward-looking statements on our current expectations and assumptions regarding future events. Although our management considers these expectations and assumptions to be reasonable, they are inherently subject to important business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. The forward-looking statements contained in this announcement should be evaluated together with the many uncertainties that affect MYR’s business, particularly those mentioned in the risk factors and cautionary statements in Section 1A of MYR’s Annual Report on Form 10-K for the year ended December 31. 2018, and in any risk factors or warnings contained in MYR’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K.
MYR Group Inc. Contact :
Betty R. Johnson, Chief Financial Officer, 847-290-1891, [email protected]
David Gutierrez, Dresner Corporate Services, 312-780-7204, [email protected]