Energy Services of America Corporation (Nasdaq: ESOA) has completed the previously announced purchase of Tribute Contracting & Consultants, LLC, an underground utility contractor that employs approximately 90 construction workers and primarily specializes in water and wastewater system installations in Ohio, Kentucky, and West Virginia.
As previously noted, Energy Services purchased substantially all of the assets of Tribute for $22 million in cash, less any assumed debt and working capital adjustments, and $2.0 million of Energy Services’ common stock.
Todd Harrah and Tommy Enyart will continue their employment with Energy Services’ new subsidiary and commented on the announcement, “We are excited to join forces with Energy Services and look forward to contributing to the company’s continued success.”
Douglas Reynolds, President, commented on the announcement. “We are excited to add Tribute to the Energy Services team. This acquisition is consistent with our strategy of buying companies that are familiar to us and further enhances our presence in the water distribution and wastewater categories.”
About Energy Services
Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 1,200+ employees on a regular basis. The Company’s core values are safety, quality, and production.
