Energy Services of America Strengthens Operations with Purchase
Energy Services of America Expands Presence with Acquisition
Energy Services of America Corporation (the "Company" or "Energy Services") (NASDAQ: ESOA) recently announced a significant milestone in its growth strategy by completing the acquisition of Tribute Contracting & Consultants, LLC. Tribute is an underground utility contractor specializing in water and wastewater system installations.
The Details of the Acquisition
The Company has acquired substantially all assets of Tribute for a total of $22 million in cash, along with $2.0 million in Energy Services' common stock. This investment reflects Energy Services' commitment to strengthening its service offerings and expanding its footprint within the industry.
Management Statements on the Acquisition
Leaders from Tribute, Todd Harrah and Tommy Enyart, expressed enthusiasm about joining Energy Services and contributing to the Company’s future. Their expertise will undoubtedly be invaluable as the organization continues to grow.
Douglas Reynolds, President of Energy Services, highlighted the acquisition as a strategic move aligning with the Company's ongoing mission to enhance its services in the water distribution and wastewater sectors. This partnership not only adds valuable resources but also broadens the Company’s capabilities.
About Energy Services of America
Energy Services of America Corporation operates mainly in the Mid-Atlantic and Central regions of the United States, serving a diverse set of clients in natural gas, petroleum, water distribution, automotive, chemical, and power industries. With a workforce of over 1,200 employees, Energy Services places a strong emphasis on safety, quality, and production in all its operations.
Company's Commitment to Safety and Quality
At the core of Energy Services' operations is a commitment to maintaining high standards of safety and quality. The Company embraces these values in its partnerships and daily practices, ensuring that all projects meet the stringent requirements of both clients and regulatory agencies.
Future Prospects for Energy Services
With this new acquisition, the Company is well-positioned to benefit from enhanced operational capacities and expanded services. As the demand for reliable water and wastewater systems increases, Energy Services aims to meet this challenge with innovative solutions and experienced personnel.
Frequently Asked Questions
What is the significance of the acquisition?
The acquisition of Tribute allows Energy Services to broaden its service offerings in water and wastewater systems, enhancing its overall market position.
Who will continue to lead Tribute?
Todd Harrah and Tommy Enyart will both remain with the Company, contributing their expertise and leadership to the newly formed subsidiary.
What is Energy Service's primary focus?
Energy Services focuses on providing high-quality contracting and service solutions across various industries, particularly in natural gas, wastewater, and petroleum.
How many employees does Energy Services have?
Energy Services employs over 1,200 individuals who are dedicated to upholding the Company's commitment to safety and quality in their work.
What are the core values of Energy Services?
The Company's core values are centered around safety, quality, and production, driving their operational strategies and service delivery.
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