Illinois company acquires Westbrook contractor
E.S. Boulos Company, a Westbrook-based electrical contractor, has been acquired by a publicly traded company from Rolling Meadows, Ill.
MYR Group Inc. (NASDAQ: MYRG) announced this week that it purchased E.S. Boulos, which is called one of New England’s largest and most experienced electrical contractors, for approximately $11.4 million. The deal closed on Monday.
MYR Group, which serves the electrical infrastructure market, said the acquisition will allow the company to create a commercial and industry presence in the Northeast, along with enhancing its transmission and distribution footprint in the region. The company said its annual revenues ranged from $51 million to $86 million in the last five years.
“We are very excited about our acquisition of [E.S. Boulos], whose resources and industry expertise offer immediate value to our operations across both our T&D and C&I market segments,” MYR Group President and CEO Bill Koertner said in a prepared statement. “This addition strengthens our position in the Northeast, a region we believe has excellent near and long-term growth potential.”
Koertner said E.S. Boulos’ leadership team and all of its employees are staying on board. That includes the company’s top leader, Executive Director Martin Browne.
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