The Stephens Group LLC of Little Rock announced Friday it has sold Summit Industrial Construction LLC of Houston, Texas, to Comfort Systems USA, Inc (NYSE: FIX).
The Stephens Group, a private equity firm, did not immediately disclose the amount of the sale. The investment group first announced plans to sell Summit, one of its portfolio companies, at the beginning of January.
Summit is a specialty industrial mechanical contractor offering engineering, design-assist and turnkey, direct hire construction services of modular systems serving the advanced technology, power, and industrial sectors, the Stephens Group said in a news release. The company has four office locations, along with modular fabrication yards, located in Texas and Arizona.
Comfort Systems, which is also headquartered in Houston, is a provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services with 169 locations across the U.S. The company said it expects Summit to contribute annualized revenue of about $360 million to $400 million, and earnings before interest, taxes, depreciation, and amortization of $30 million to $45 million.
Comfort Systems in 2022 posted $245.9 million in net income on $4.14 billion in revenue.
Sign up for Daily E-news
