Ft. Wayne, Ind.-based Shambaugh & Son Inc., which ranked No. 8 on the 1998 PM 100, was acquired by industry consolidator Comfort Systems (NYSE: FIX) Nov. 16. Shambaugh’s $180 million in revenues pushed Comfort Systems over the $1.1 billion mark, making it the largest PHC industry consolidator in the United States.
“We’re ready to go to the next level with a national platform to serve our current customers more broadly, reach new markets and capture strategic opportunities as energy deregulation unfolds,” said Mark Shambaugh, CEO of Shambaugh & Son. “We are very enthusiastic about the resources and depth that Shambaugh and Comfort can take to the commercial/industrial market, and the base we have together for future growth.”
Shambaugh & Son was highlighted last August in PM for its award-winning Program to Increase Pro-ductivity and Efficiency (PIPE). The company has more than 1,000 employees and offers capabilities to design, engineer, install and service of heating, fire protection, controls, energy management and remote monitoring requirements.
“We are extremely pleased to have Shambaugh on the Comfort team,” said Reagan Busbee, senior vice president of acquisitions for Comfort Systems. “Along with the company’s technical capability and market position, Shambaugh’s management team is second to none in the industry. We think this team will help us attract more strong companies.”
Comfort Systems now operates 69 companies in 60 cities in the United States.