BURLINGTON, Ontario--(BUSINESS WIRE)--CCL Equities Inc. today announced that it has entered into a definitive agreement to acquire Comstock Canada Ltd., (Comstock) a leading provider of mechanical and electrical construction and energy infrastructure services in Canada, from EMCOR Group, Inc. (NYSE: EME) in an all-cash transaction for CDN $42.5 million. Comstock’s senior management, led by Geoffrey W. Birkbeck, current CEO of Comstock, as well as outside investors, created CCL Equities Inc., an Ontario-based company, for the purpose of acquiring Comstock. Mr. Birkbeck will become Chairman of CCL Equities. The transaction is expected to close in the third quarter 2011.
Headquartered in Burlington, Ontario, and with offices across Canada, Comstock is a leading provider of construction and energy infrastructure services to national and regional clients in the industrial and institutional industries across Canada. With annual revenues of approximately $300 million, Comstock is a multi-disciplined contractor providing electrical, mechanical, mill righting, boilermaker and ironworker services.
“This is an exciting and opportune time to be acquiring Comstock, when the outlook for Canadian infrastructure construction is projected to rebound; we see great opportunities over the next few years, particularly in the Energy, Pipeline Facilities, and Institutional sectors,” stated Mr. Birkbeck. “Led by an outstanding and experienced management team, and backed by Comstock’s heritage of 100+ years in Canada as a highly respected provider of construction services to many prominent companies across the country, we look forward to continuing to provide a high level of service to current and new customers.”
Mr. Birkbeck continued, “Comstock’s management team has a significant ownership stake in the Company---I believe that the focus on and dedication to, our clients’ needs will only be enhanced as a result of this acquisition.”
About Comstock Canada Ltd.
Headquartered in Burlington, Ontario, and with offices across Canada, Comstock Canada Ltd. is a leading provider of mechanical and electrical construction services and energy infrastructure to national and regional customers in the industrial and institutional industries across Canada. With annual revenues of approximately $300 million, as a multi-disciplined contractor Comstock provides electrical, mechanical, mill righting, boilermaker and ironworker services. Comstock has a 100+ year heritage in Canada as a highly respected provider of construction services to many prominent companies across the country. This press release and other press releases may be viewed at the Company’s Web site at www.comstockcanada.com.
About EMCOR Group, Inc.
EMCOR Group, Inc. is a Fortune 500® worldwide leader in mechanical and electrical construction services, energy infrastructure and facilities services.