Everus Construction Group (NYSE: ECG) has agreed to acquire SE&M Constructors, Inc., SE&M of the Triangle, Inc., and SECO Rentals, LLC for a total consideration of $158 million. The transaction adds a portfolio of mechanical, electrical and plumbing (MEP) services that serve pharmaceutical, industrial and healthcare customers in the Southeast.
The acquisition broadens ECG’s geographic footprint and diversifies its revenue mix beyond its core data‑center and utility construction businesses. By adding SE&M’s MEP capabilities, ECG will strengthen its service offering in the growing Southeast market, where demand for pharmaceutical, industrial and healthcare construction is expanding. The deal aligns with ECG’s stated acquisition criteria, which emphasize complementary capabilities, geographic expansion and end‑market diversification.
Everus reported record results for Q4 and full‑year 2025, with revenues of $1.01 billion and $3.75 billion, respectively, and diluted earnings per share of $1.08 and $3.95. The company’s backlog stood at $3.23 billion and its net leverage ratio was 0.4x at the end of 2025, supported by $375.5 million in cash and liquidity. Pro‑forma after the acquisition, ECG’s net leverage is expected to rise to about 0.8x, indicating continued financial flexibility.
The purchase price is priced at a multiple that aligns with ECG’s recent transaction history. An earnout payment of up to 8% of the purchase price is contingent on performance targets that will be defined in the definitive agreement. The transaction is subject to customary regulatory and shareholder approvals, and closing is expected in the coming months.
"We are very pleased to have SE&M join our family of operating brands as we build momentum in fulfilling our commitment to grow through strategic acquisitions, which complements our organic growth strategy," said CEO Jeffrey S. Thiede. "This transaction fits squarely with our stated acquisition criteria, as SE&M enhances our mechanical services capabilities; broadens our geographic footprint in the Southeast, where we see strong industry tailwinds; and deepens our end‑market exposure, particularly in the industrial and pharmaceutical markets." SE&M President Patrick Rogers added, "While being part of Everus ensures SE&M is well‑positioned to continue serving our broad and diverse customer base over the long term, we will be the same company providing the superior service that our customers have come to know and trust from us."
The combined entity is expected to generate incremental operating income by leveraging shared resources and cross‑sell opportunities. The acquisition positions ECG to capture growth in the Southeast’s pharmaceutical, industrial and healthcare construction markets while maintaining its strong financial footing and strategic focus on high‑margin MEP services.
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