#United States #Acquisition #Energy Services #Tribute Contracting #Huntington

Energy Services of America Completes Strategic Acquisition

Energy Services of America Corporation (NASDAQ: ESOA), based in Huntington, West Virginia, has successfully concluded its acquisition of Tribute Contracting Consultants, LLC. With this move, Energy Services aims to expand its capabilities and reach within the water distribution and wastewater sectors.

Tribute, a well-established underground utility contractor, offers its specialized services across Ohio, Kentucky, and West Virginia. The acquisition entails the purchase of almost all of Tribute's assets for a total of $22 million in cash, alongside an exchange of $2 million in common stock from Energy Services. This transaction is a key part of Energy Services' broader strategy to enhance its operational presence in core service areas, specifically water and wastewater systems.

In a joint statement, Todd Harrah and Tommy Enyart, who will persist in their roles with Energy Services' new subsidiary, expressed their enthusiasm about aligning with a company that shares their commitment to quality and safety. They communicated, "We are excited to join forces with Energy Services and look forward to contributing to the company’s continued success."

Douglas Reynolds, President of Energy Services, remarked on the strategic importance of the acquisition, stating, "Adding Tribute to the Energy Services team aligns seamlessly with our mission of acquiring firms that are familiar to us, and it bolsters our influence in the water and wastewater categories."

This acquisition marks a significant milestone for Energy Services, which employs over 1,200 professionals and operates primarily in the mid-Atlantic and Central regions of the United States. The company primarily serves industries related to natural gas, petroleum, water distribution, automotive, chemicals, and power. Their longstanding commitment to safety, quality, and production has shaped their operational ethos.

The acquisition of Tribute Contracting will not only offer new avenues for growth but also solidify Energy Services of America's reputation as a cohesive force in the utility contracting space. Excitement around this strategic move echoes throughout the organization, as employees and stakeholders share a commitment to leveraging the strengths of both companies.

As Energy Services continues to evolve, they are mindful of the challenges ahead. The complex landscape of utility contracting necessitates agility and foresight, especially with the imminent demands for enhanced infrastructure. The integration of Tribute's operations offers an excellent opportunity for Energy Services to scale services effectively, ensuring that they meet and exceed the expectations of their clients across Ohio, Kentucky, and West Virginia.

Moreover, as they proceed with this integration, the focus remains not only on operational efficiency but also on the enhancement of service quality. Excelling in the service delivery of water distribution and wastewater management will be pivotal as Energy Services moves forward.

For investors, it's essential to acknowledge the ample opportunities that lie ahead as Energy Services continues to fortify its market position. Forward-looking statements are made with the understanding of inherent risks and uncertainties, emphasizing the importance of informed decision-making as the company embarks on this new chapter. The commitment to transparency remains a cornerstone of their operational strategy as they navigate the evolving landscape of the energy and utility sectors.

As Energy Services of America Corporation looks ahead, they are poised for growth and success, especially with the integration of Tribute Contracting Consultants. This acquisition not only expands their operational capacity but reinforces their commitment to delivering high-quality services in the utility sector.