GroupMAC merges with Building One
The new company will be headquartered in Houston and will be named shortly before or when the merger is finalized in the first quarter of 2000.
The combined organization will have more than 250 operating locations in 43 states and 27,000 employees. The business mix breakdown will be 49% mechanical contracting, 43% electrical contracting and 8% janitorial with 90% of its work performed in the commercial/industrial market. About 52% of its business will be maintenance, repair and replacement, and 48% will be new construction.
GroupMAC Chief Executive Officer J. Patrick Millinor Jr. will become chairman, and Building One's CEO Joseph Ivey will be president.
The new company will be a "true operating company" rather than a consolidator, Ivey said, because it is already so large.
Millinor added: "We'll look for strategic opportunities as well, so we'll still be acquiring companies, but they will be acquisitions that are focused and strategic. We're not trying to gain mass as we were independently."