Energy Services of America Announces Acquisition of Tribute Contracting & Consultants

On October 31, 2024, Energy Services of America Corporation (ESOA) disclosed in a Form 8-K filing that it has finalized an Asset Purchase Agreement with Tribute Contracting & Consultants, LLC, known as Tribute, a prominent underground utility contractor specializing in water and wastewater system installations across Ohio, Kentucky, and West Virginia.

The agreement outlines that Energy Services’ new subsidiary, Tribute Acquisition Company, will acquire the majority of Tribute’s assets for a cash consideration of $22 million, excluding assumed debt and working capital adjustments, along with $2.0 million of Energy Services’ common stock. The company expects the transaction to be sealed by early December.

Tribute, established in 2014 by Tom Enyart and Todd Harrah, will continue its operations under the new subsidiary. Enyart and Harrah expressed their enthusiasm about the collaboration, anticipating new opportunities in the partnership with Energy Services.

President of Energy Services, Douglas Reynolds, commented on the acquisition, stating, “We are excited to add Tribute to the Energy Services team. This acquisition aligns with our strategy of acquiring businesses in domains familiar to us and further strengthens our footprint in the water distribution sector.”

Energy Services of America Corporation, based in Huntington, WV and trading on Nasdaq under ESOA, is a contractor and service provider operating predominantly in the mid-Atlantic and Central U.S. regions. The company offers services to clients in various industries, including natural gas, petroleum, water distribution, automotive, chemical, and power. With over 1,000 regular employees, Energy Services emphasizes safety, quality, and production as its core values.

Investor Relations for Energy Services can be directed to Steven Hooser at Three Part Advisors, LLC, reachable at (214) 872-2710.

Statements in the press release, such as forward-looking projections about the acquisition, imply risks and uncertainties surrounding future business performance. Factors like economic conditions, alterations in business strategies, and the assimilation of acquired businesses are highlighted as potential influences on the company’s outcomes. Energy Services deviates from obligations to update these aspects and advises potential investors against unwarranted reliance on forward-looking statements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Energy Services of America’s 8K filing here.

About Energy Services of America

Energy Services of America Corporation, together with its subsidiaries, provides contracting services for utilities and energy related companies in the United States. The company constructs, replaces, and repairs interstate and intrastate natural gas pipelines and storage facilities for utility companies and private natural gas companies; and provides services relating to pipeline, storage facilities, and plant works.