Web Exclusive: Encompass Services Merger Complete
The newly combined company known as Encompass Services Corp. began trading on the New York Stock Exchange Feb. 23, and opened at $8.12.
At the same time, GroupMAC announced that its national accounts group had closed new contracts totaling nearly $75 million in revenues during the first six weeks of the year, compared to approximately $300 million in contracts for all of 1999.
With combined annual revenues of $3.6 billion and total assets of $2.4 billion, Encompass services becomes a U.S. market leader in electrical, mechanical, janitorial and maintenance management services. The Houston-based company has about 30,000 employees that generate 60 million work hours. It has operations in more than 250 locations nationwide, and provides service in each of America's 100 largest cites. Existing national accounts include Nextel, IBM, MCI WorldCom, Target, Blockbuster Video and PepBoys.
As a result of the merger, which began in November, each existing share of Building One common stock was converted to 1.25 shares of GroupMAC common stock, which created approximately 35.1 million shares of GroupMAC stock.
With the name change of the company to Encompass Services, trading of shares of Building One (Nasdaq: BOSS) and GroupMAC (NYSE: MAK) will be discontinued.
Encompass Services Corporate ProfileBusiness mix:
- 49% mechanical; 43% electrical; 8% janitorial
- 52% maintenance repair replacement; 48% new construction
- 90% commercial/industrial; 10% residential