President of Ivey Mechanical Company Denny Terrell has announced the company’s agreement to become part of Comfort Systems USA, Inc. (NYSE: FIX).
Comfort Systems, the premier mechanical and electrical contractor and service provider in the United States, is headquartered in Houston, Texas and has 35 operating companies with 129 locations. The company accrues $3 billion in yearly revenue and employs 11,900 people. Comfort Systems is the leading mid-market HVAC and electrical contracting installation with a balanced construction and service portfolio. The merger was filed on Tuesday, November 30th at 11:59 PM.
“We are very excited about this merger and believe that it will bring short and long-term advantages to our employees, owners and customers,” said Terrell.
Ivey will continue to operate under the same name as Ivey Mechanical Company, LLC. According to Terrell, very little will change from an employee and operations perspective.
Discussions with Comfort leadership and Ivey leadership began in April, so this was not a quick decision, but one in which both sides took its time and ultimately developed a strong comfort level with each other before deciding to continue with the merger.
Ivey and Comfort Systems have maintained a dialogue for over 20 years, so Ivey is not a stranger to the company. Ivey leadership believes that becoming part of Comfort Systems will provide the best opportunities and advantages both short and long term for employees, owners and customers. Both the Ivey board and the Ivey Mechanical Company, LLC managers unanimously approved the moving ahead with the merger.
Ivey Mechanical believes Comfort Systems USA is an ideal, long-term, strategic equity owner because it aligns with Ivey’s culture and vision. According to Ivey leadership, Comfort Systems understands Ivey’s business on both construction and service, supports Ivey’s strategy of repeat business and maintaining strong relationships with customers, and is committed to keeping the current management and project teams in place with no disruption to Ivey’s current projects or customers.
Comfort Systems also promotes collaboration and best practice sharing among Comfort Systems USA subsidiaries, has a geographically diverse service presence, and is willing to invest in Ivey’s growth strategies.
Ivey leadership believes Comfort Systems was interested in the merger due to its view of Ivey as a premier provider of mechanical services in the Southeast and share of core competencies in HVAC systems, mechanical and fabrication expertise. Ivey believes the company also admires Ivey’s leadership team’s accomplishments and long-term commitment to the business.
Comfort Systems’ discriminators include industry leading skilled labor, the ability to share knowledge, a diverse portfolio, strong balance sheet, acquisition record, and being positioned for growth.
Ivey Mechanical believes its customers will be very pleased with the ownership transition to Comfort Systems because Ivey will be owned by larger parent company with strong, publicly available financials, Ivey will have direct access to a number of Comfort Systems subsidiaries that have complimentary capabilities, Ivey will be able to better serve our customers by branching out further to cover their needs, and Ivey will increase prefabrication capabilities through utilizing Comfort System existing resources.
All of Ivey’s locations and fabrication shops will continue to operate as usual and be headquartered out of Kosciusko. Ivey says employees will have more training and development opportunities, and it expects to be able to increase investments where it makes sense to help grow the business and better serve its customers.
Ivey Mechanical will host its company meeting at Ross Bridge in Birmingham in April in celebration of Ivey’s 75th anniversary.
President of Ivey Mechanical Company Denny Terrell has announced the company’s agreement to become part of Comfort Systems USA, Inc. (NYSE: FIX).
Comfort Systems, the premier mechanical and electrical contractor and service provider in the United States, is headquartered in Houston, Texas and has 35 operating companies with 129 locations. The company accrues $3 billion in yearly revenue and employs 11,900 people. Comfort Systems is the leading mid-market HVAC and electrical contracting installation with a balanced construction and service portfolio. The merger was filed on Tuesday, November 30th at 11:59 PM.
“We are very excited about this merger and believe that it will bring short and long-term advantages to our employees, owners and customers,” said Terrell.
Ivey will continue to operate under the same name as Ivey Mechanical Company, LLC. According to Terrell, very little will change from an employee and operations perspective.
Discussions with Comfort leadership and Ivey leadership began in April, so this was not a quick decision, but one in which both sides took its time and ultimately developed a strong comfort level with each other before deciding to continue with the merger.
Ivey and Comfort Systems have maintained a dialogue for over 20 years, so Ivey is not a stranger to the company. Ivey leadership believes that becoming part of Comfort Systems will provide the best opportunities and advantages both short and long term for employees, owners and customers. Both the Ivey board and the Ivey Mechanical Company, LLC managers unanimously approved the moving ahead with the merger.
Ivey Mechanical believes Comfort Systems USA is an ideal, long-term, strategic equity owner because it aligns with Ivey’s culture and vision. According to Ivey leadership, Comfort Systems understands Ivey’s business on both construction and service, supports Ivey’s strategy of repeat business and maintaining strong relationships with customers, and is committed to keeping the current management and project teams in place with no disruption to Ivey’s current projects or customers.
Comfort Systems also promotes collaboration and best practice sharing among Comfort Systems USA subsidiaries, has a geographically diverse service presence, and is willing to invest in Ivey’s growth strategies.
Ivey leadership believes Comfort Systems was interested in the merger due to its view of Ivey as a premier provider of mechanical services in the Southeast and share of core competencies in HVAC systems, mechanical and fabrication expertise. Ivey believes the company also admires Ivey’s leadership team’s accomplishments and long-term commitment to the business.
Ivey has locations in the Southeast that match up with Comfort Systems offices which can share resources such as materials, pre-fab, and manpower. Ivey’s footprint aligns very well with Comfort’s service offerings and will allow both to expand the service business. Comfort’s modular construction capabilities are available for a design/build offering to Ivey’s customers, which can reduce the stress on labor, provide the customer a quality product, and better margins for the company. Ivey and Comfort both have a culture that aligns very well and the strength for both is the quality of people who make the company very successful.
Ivey and Comfort’s core values are essentially the same: be safe, honest, respectful, innovative, and collaborative.
Comfort Systems’ discriminators include industry leading skilled labor, the ability to share knowledge, a diverse portfolio, strong balance sheet, acquisition record, and being positioned for growth.
Ivey Mechanical believes its customers will be very pleased with the ownership transition to Comfort Systems because Ivey will be owned by larger parent company with strong, publicly available financials, Ivey will have direct access to a number of Comfort Systems subsidiaries that have complimentary capabilities, Ivey will be able to better serve our customers by branching out further to cover their needs, and Ivey will increase prefabrication capabilities through utilizing Comfort System existing resources.
All of Ivey’s locations and fabrication shops will continue to operate as usual and be headquartered out of Kosciusko. Ivey says employees will have more training and development opportunities, and it expects to be able to increase investments where it makes sense to help grow the business and better serve its customers.
Ivey Mechanical will host its company meeting at Ross Bridge in Birmingham in April in celebration of Ivey’s 75th anniversary.
