Comfort Systems USA Closes Acquisition of the Remaining Interest in      Environmental Air Systems
January 04, 2016 04:38 PM Eastern Standard Time
HOUSTON--( BUSINESS WIRE )--Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of      commercial, industrial and institutional heating, ventilation and air      conditioning (“HVAC”) services, today announced that pursuant to its      previously announced agreement, it has completed the acquisition of the      remaining 40% noncontrolling interest in Environmental Air Systems      (“EAS”) headquartered in Greensboro, North Carolina effective January 1,      2016. Comfort Systems USA® is a premier provider of business      solutions addressing workplace comfort, with 88 locations in 83 cities      around the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com . Contacts


Comfort Systems USA Closes Acquisition of the Remaining Interest in Environmental Air Systems

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Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of      commercial, industrial and institutional heating, ventilation and air      conditioning (“HVAC”) services, today announced that it has entered into      an agreement to acquire the remaining 40% noncontrolling interest in      Environmental Air Systems (“EAS”) headquartered in Greensboro, North      Carolina effective January 1, 2016. In November 2011 Comfort Systems USA acquired 60% of EAS with an option      to acquire the remainder of EAS beginning in late 2016. Since that      transaction, EAS has been a majority-owned subsidiary and has been      accounted for on a consolidated basis. This agreement will result in      Comfort Systems USA acquiring the remaining interest of EAS on January      1, 2016. Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented,      “We are extremely happy to announce that our long term commitment to and      partnership with EAS will soon be complete. EAS has been a strong      contributor to our ongoing improvement due to its great execution and      willingness to support its sister operations. With this transaction      complete, we believe EAS can make an even more important contribution to      all of Comfort Systems.”
The transaction is expected to be accretive to Comfort Systems USA’s      earnings in 2016. EAS was the company’s most profitable subsidiary in      2015. EAS’s 2016 earnings are also expected to be very strong, although      not as exceptional as its 2015 earnings. However, despite the expected      lower profit contribution in 2016 from EAS, the result of the      transaction will allow Comfort Systems USA to see a flat to slightly      higher earnings per share contribution from this division as a result of      eliminating the minority position. As required under applicable accounting standards, since the original      acquisition, EAS has been fully consolidated with Comfort Systems USA’s      financial results. As a result, this transaction will not affect the      presentation of revenues, EBITDA or other financial metrics for Comfort      Systems USA that are above the elimination of noncontrolling interest      numbers in the financial statements. EAS is currently the only entity in      which the company reports a noncontrolling interest for financial      statement purposes. Comfort Systems USA® is a premier provider of business      solutions addressing workplace comfort, with 88 locations in 83 cities      around the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com . Certain statements and information in this press release may      constitute forward-looking statements regarding our future business      expectations, which are subject to the safe harbor provisions of the      Private Securities Litigation Reform Act of 1995. The words “believe,”      “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,”      “could,” or other similar expressions are intended to identify      forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations      and beliefs of Comfort Systems USA, Inc. and its subsidiaries      (collectively, the “Company”) concerning future developments and their      effect on the Company. While the Company’s management believes that      these forward-looking statements are reasonable as and when made, there      can be no assurance that future developments affecting the Company will      be those that it anticipates. All comments concerning the Company’s      expectations for future revenue and operating results are based on the      Company’s forecasts for its existing operations and do not include the      potential impact of any future acquisitions. The Company’s      forward-looking statements involve significant risks and uncertainties      (some of which are beyond the Company’s control) and assumptions that      could cause actual future results to differ materially from the      Company’s historical experience and its present expectations or      projections. Important factors that could cause actual results to differ      materially from those in the forward-looking statements include, but are      not limited to: the use of incorrect estimates for bidding a fixed-price      contract; undertaking contractual commitments that exceed the Company’s      labor resources; failing to perform contractual obligations efficiently      enough to maintain profitability; national or regional weakness in      construction activity and economic conditions; financial difficulties      affecting projects, vendors, customers, or subcontractors; the Company’s      backlog failing to translate into actual revenue or profits; failure of      third party subcontractors and suppliers to complete work as anticipated;difficulty in obtaining or increased costs associated with bonding      and insurance; impairment to goodwill; errors in the Company’s      percentage-of-completion method of accounting; the result of competition      in the Company’s markets; the Company’s decentralized management      structure; material failure to comply with varying state and local laws,      regulations or requirements; debarment from bidding on or performing      government contracts; shortages of labor and specialty building      materials; retention of key management; seasonal fluctuations in the      demand for HVAC systems; the imposition of past and future liability      from environmental, safety, and health regulations including the      inherent risk associated with self-insurance; adverse litigation      results; an increase in our effective tax rate; an information      technology failure or cyber security breach; and other risks detailed in      our reports filed with the Securities and Exchange Commission. Readers      are cautioned not to place undue reliance on forward-looking statements,      which speak only as of the date hereof. The Company undertakes no      obligation to publicly update or revise any forward-looking statements      after the date they are made, whether as a result of new information,      future events, or otherwise. View source version on businesswire.com: http://www.businesswire.com/news/home/20151221006124/en/
© Business Wire 2015
Latest news  on COMFORT SYSTEMS USA, INC.
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Comfort Systems USA : Announces Agreement to Acquire the Remaining Interest in Environmental Air Systems

Comfort Systems USA Announces Agreement to Acquire the Remaining      Interest in Environmental Air Systems
December 21, 2015 04:05 PM Eastern Standard Time
HOUSTON--( BUSINESS WIRE )--Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of      commercial, industrial and institutional heating, ventilation and air      conditioning (“HVAC”) services, today announced that it has entered into      an agreement to acquire the remaining 40% noncontrolling interest in      Environmental Air Systems (“EAS”) headquartered in Greensboro, North      Carolina effective January 1, 2016. In November 2011 Comfort Systems USA acquired 60% of EAS with an option      to acquire the remainder of EAS beginning in late 2016. Since that      transaction, EAS has been a majority-owned subsidiary and has been      accounted for on a consolidated basis. This agreement will result in      Comfort Systems USA acquiring the remaining interest of EAS on January      1, 2016. Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented,      “We are extremely happy to announce that our long term commitment to and      partnership with EAS will soon be complete. EAS has been a strong      contributor to our ongoing improvement due to its great execution and      willingness to support its sister operations. With this transaction      complete, we believe EAS can make an even more important contribution to      all of Comfort Systems.”
The transaction is expected to be accretive to Comfort Systems USA’s      earnings in 2016. EAS was the company’s most profitable subsidiary in      2015. EAS’s 2016 earnings are also expected to be very strong, although      not as exceptional as its 2015 earnings. However, despite the expected      lower profit contribution in 2016 from EAS, the result of the      transaction will allow Comfort Systems USA to see a flat to slightly      higher earnings per share contribution from this division as a result of      eliminating the minority position. As required under applicable accounting standards, since the original      acquisition, EAS has been fully consolidated with Comfort Systems USA’s      financial results. As a result, this transaction will not affect the      presentation of revenues, EBITDA or other financial metrics for Comfort      Systems USA that are above the elimination of noncontrolling interest      numbers in the financial statements. EAS is currently the only entity in      which the company reports a noncontrolling interest for financial      statement purposes. Comfort Systems USA® is a premier provider of business      solutions addressing workplace comfort, with 88 locations in 83 cities      around the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com . Certain statements and information in this press release may      constitute forward-looking statements regarding our future business      expectations, which are subject to the safe harbor provisions of the      Private Securities Litigation Reform Act of 1995. The words “believe,”      “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,”      “could,” or other similar expressions are intended to identify      forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations      and beliefs of Comfort Systems USA, Inc. and its subsidiaries      (collectively, the “Company”) concerning future developments and their      effect on the Company. While the Company’s management believes that      these forward-looking statements are reasonable as and when made, there      can be no assurance that future developments affecting the Company will      be those that it anticipates. All comments concerning the Company’s      expectations for future revenue and operating results are based on the      Company’s forecasts for its existing operations and do not include the      potential impact of any future acquisitions. The Company’s      forward-looking statements involve significant risks and uncertainties      (some of which are beyond the Company’s control) and assumptions that      could cause actual future results to differ materially from the      Company’s historical experience and its present expectations or      projections. Important factors that could cause actual results to differ      materially from those in the forward-looking statements include, but are      not limited to: the use of incorrect estimates for bidding a fixed-price      contract; undertaking contractual commitments that exceed the Company’s      labor resources; failing to perform contractual obligations efficiently      enough to maintain profitability; national or regional weakness in      construction activity and economic conditions; financial difficulties      affecting projects, vendors, customers, or subcontractors; the Company’s      backlog failing to translate into actual revenue or profits; failure of      third party subcontractors and suppliers to complete work as anticipated;difficulty in obtaining or increased costs associated with bonding      and insurance; impairment to goodwill; errors in the Company’s      percentage-of-completion method of accounting; the result of competition      in the Company’s markets; the Company’s decentralized management      structure; material failure to comply with varying state and local laws,      regulations or requirements; debarment from bidding on or performing      government contracts; shortages of labor and specialty building      materials; retention of key management; seasonal fluctuations in the      demand for HVAC systems; the imposition of past and future liability      from environmental, safety, and health regulations including the      inherent risk associated with self-insurance; adverse litigation      results; an increase in our effective tax rate; an information      technology failure or cyber security breach; and other risks detailed in      our reports filed with the Securities and Exchange Commission. Readers      are cautioned not to place undue reliance on forward-looking statements,      which speak only as of the date hereof. The Company undertakes no      obligation to publicly update or revise any forward-looking statements      after the date they are made, whether as a result of new information,      future events, or otherwise. Contacts


Comfort Systems USA Announces Agreement to Acquire the Remaining Interest in Environmental Air Systems

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Comfort Systems USA, Inc. (NYSE: FIX ) today announced that it has acquired a majority interest inEnvironmental Air Systems headquartered in Greensboro, North Carolina. © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
 


Comfort Systems Acquires EAS; Expects Deal Neutral to Slightly Adding to EPS in First 12-18 Months

Bentley Mills

INVISTA

Acquired

Corporate Majority

Environmental Air Systems is a full-service mechanical contractor and custom-built HVAC equipment manufacturer, with the ability to build to spec and ship anywhere in the world. The company specializes providing their services to the Healthcare, Pharmaceutical, Industrial Manufacturing, Power Generation and Mission Critical Data Center industries.

Date	Round	Amount	Investors	Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.	Revenue	Sources
12/21/2015	Acquired		Comfort Systems USA		0 FY undefined	1
12/1/2011	Corporate Majority		Subscribe to see more		0 FY undefined	10

Date	12/21/2015	12/1/2011
Round	Acquired	Corporate Majority
Amount
Investors	Comfort Systems USA	Subscribe to see more
Valuation
Revenue	0 FY undefined	0 FY undefined
Sources	1	10

First funding	12/1/2011
Last Funding	12/21/2015
Investor	Comfort Systems USA
Rounds	2 Acquired, Corporate Majority (2011)
Board Seats
Type	Corporation
Location	Texas

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