v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 1, 2026, the Company acquired the businesses of SE&M Constructors, Inc., SE&M of the Triangle, Inc. and SECO Rentals, LLC (collectively “SE&M”). SE&M, founded in 1923 and headquartered in Elm City, North Carolina, provides mechanical, electrical and plumbing services to customers across a variety of sectors, including pharmaceutical, complex industrial and healthcare. The Company acquired SE&M for $158 million, subject to certain closing adjustments, funded by cash on hand. Transaction terms also allow for a potential earnout payment, not to exceed an additional 8% of the purchase price, based on certain post-acquisition performance targets. SE&M is expected to be included in the Company’s E&M segment.
To date, the initial accounting for the acquisition is incomplete. Due to the limited time since the date of acquisition, it is impracticable for the Company to make business combination disclosures related to the acquisition. The Company is still gathering the necessary information to provide such disclosures in future filings.