Comfort Systems USA, Inc. (NYSE: FIX),
a leading provider of commercial, industrial and institutional heating, ventilation and air conditioning (“HVAC”) services, today announced that it has closed its previously announced transaction to acquire Dyna Ten Corporation (“Dyna Ten”) headquartered in Fort Worth, Texas.
Dyna Ten is a regional mechanical contractor based in Fort Worth, Texas. Dyna Ten engages in a broad range of mechanical contracting projects, HVAC service and controls, in the Dallas/Fort Worth metroplex and in surrounding areas.
Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented, “We are extremely happy to announce the closing of the Dyna Ten acquisition, extending our family of companies to the Dallas/Fort Worth metroplex. We believe that Dyna Ten is the premier mechanical contractor in north Texas, providing extraordinary outcomes for its customers in the medical, industrial and commercial markets. Dyna Ten brings an established reputation for innovation and excellence, and we believe that they will greatly improve our customer offering throughout Texas.”
Mark Nyquist, the Chief Executive Officer of Dyna Ten Corporation, commented, “We are happy to bring the additional resources and opportunities that Comfort Systems USA represents to our customers and our employees, and we are confident and committed to contributing to the Comfort Systems USA team. Comfort Systems USA is the ideal partner for our organization because it shares our core beliefs, including customer value, innovation and employee growth and opportunity.”
Dyna Ten has annualized revenues of approximately $70 million to $80 million at profitability levels that are generally equal to or above those currently experienced by Comfort Systems USA operations. 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 12 to 18 months after the acquisition.