Another Roll-Up Consolidator Forms
This one is named American Plumbing and Mechanical Inc. (AMPAM), and its distinctive characteristic seems to be a construction orientation as opposed to service and repair. President and CEO is Robert Christianson, former president of one of the founding companies, Christianson Enterprises of Austin, Texas, one of the largest residential housing specialists in the plumbing industry. Eight other companies initially joining the group are:
- RCR Companies (Riverside, Calif.);
- Croson-Teepe Mechanical Contractors (Columbus, Ohio);
- J.A. Croson Co. (Orlando, Fla.);
- Nelson Mechanical Contractors (Pensacola, Fla.);
- Keith Riggs Plumbing (Mesa, Ariz.);
- Miller Mechanical Contractors (Marietta, Ga.);
- Power Plumbing (Houston, Texas); and
- Sherwood Mechanical (San Diego, Calif.).
Total revenues for these companies in 1998 were about $320 million. Company treasurer Steve Smith told PM that only about 8 percent of the company’s business comes from service work. He said the company intends to try to overcome the notoriously cyclical residential construction market with commercial work. Smith also indicated that AMPAM definitely intends to go public — “ideally within six to nine months, but that would depend on (IPO) market conditions.”
Like most of the other roll-up consolidators, AMPAM is based in Houston. Financing was provided by Sterling City Capital, whose principal, C. Byron Snyder, is part owner of an electrical industry consolidator, Integrated Electrical Services, and has also been involved in consolidation of the roofing and carriage services industries.
AMPAM can be reached at 713/243-7350.