MYR Group acquires Huen Electric companies
MYR Group Inc. based in Rolling Meadows said it acquired substantially all of the assets of Huen Electric Inc., Huen Electric New Jersey Inc. and Huen New York Inc.
The Huen Companies are electrical construction firms with offices in Illinois, New Jersey and New York. The transaction closed on July 2, and was valued at approximately $47.1 million, subject to working capital and net asset adjustments. Additionally, there could also be contingent payments based on the successful achievement of certain performance targets. Over the last five years, the combined average annual revenues of the Huen Companies was approximately $130 million.
Headquartered in Broadview, the Huen Companies deliver a wide range of commercial and industrial electrical construction services with significant experience performing work on large, complex projects. The Huen Companies also provide preconstruction services, prefabrication, telecommunications, design-build/design-assist and integrated project delivery methodologies.
"The addition of the Huen Companies to MYR Group expands our breadth of C&I service offerings and geographic reach, strengthening our market position in delivering cost-effective solutions to both new and existing customers," said Rick Swartz, MYR Group's president and CEO. "The Huen Companies bring a high-quality workforce and strong management team with decades of experience, who share our culture, values and commitment to delivering superior service to our customers through operational excellence. Their diverse project portfolio, strong reputation and design/assist capabilities will enhance our ability to capture projects. We are excited to welcome the employees of the Huen Companies to the MYR Group organization and look forward to making this a smooth transition."
The Huen Companies will operate as Huen Electric Inc. as one of MYR Group's subsidiaries.