Comfort Systems USA’s Acquisition of Walker Texas Holding Co.


D.A. Davidson & Co. served as financial advisor and Foley Gardere served as legal counsel to Walker. Robinson Bradshaw served as legal counsel to Comfort Systems USA.

Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of mechanical services, including heating, ventilation, air conditioning, plumbing, piping and controls, has entered into a definitive agreement to acquire Walker TX Holding Company, Inc. and its related subsidiaries headquartered in Irving, Texas.

Walker is a family-owned company that provides commercial electrical, network, end-user, industrial and related services in Texas. Walker has offices and operations in the Dallas/Fort Worth area, Houston, San Antonio and Austin and has helped to build many of the largest and most complex projects in the State of Texas. Initially, Walker is expected to contribute annualized revenue of approximately $325 million to $375 million, and earnings before interest, taxes, depreciation and amortization of $20 million to $25 million. In light of the required amortization expense related to intangibles and other costs associated with the transaction, the acquisition is expected to make a neutral to slightly accretive contribution to earnings per share during the first 18 to 24 months after the acquisition. The transaction is expected to close early in the second quarter of 2019 and is subject to customary closing conditions.

Foley partners Michael Newman (Picture) and Robert Sarfatis represented Walker TX Holding Co. and its subsidiaries in a definitive agreement to be acquired by Comfort Systems USA.

Involved fees earner: Michael Newman – Foley & Lardner LLP; Robert Sarfatis – Foley & Lardner LLP;

Law Firms: Foley & Lardner LLP;

Clients: Walker TX Holding Co.;

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Author: Ambrogio Visconti