EMCOR Group, Norwalk, Conn., recently increased its potential annual revenues by more than $400 million with the acquisition of Consolidated Engineering Services (CES). The Arlington, Va.-based firm, which provides services like facilities management, technical consulting, and diagnostic services, generates approximately $420 million in annual revenues.
Under the terms of the agreement, EMCOR Group will pay Archstone-Smith – the parent company of CES - $178 million in cash. Senior management from CES will remain with the company.
Frank T. MacInnis, chairman and CEO of EMCOR Group, is happy with the acquisition, saying it will increase the company’s 2002 pro forma revenues in the facilities management sector to $1 billion. That represents 25% of the company’s total business in 2002.