Energy Services of America Completes Acquisition of Tribute Contracting & Consultants, LLC

Energy Services of America Corporation (ESOA) announced the successful completion of the asset acquisition of Tribute Contracting & Consultants, LLC on December 2, 2024. Tribute, an Ohio-based corporation situated in South Point, Ohio, operates as an underground utility contractor specializing in water and wastewater system installations across Ohio, Kentucky, and West Virginia. The acquisition was finalized according to the Asset Purchase Agreement dated October 30, 2024.

Under the terms of the agreement, a newly established subsidiary of Energy Services, Tribute Acquisition Company, Inc., procured nearly all assets of Tribute, including customer contracts, staff, and equipment for a total consideration of $22.0 million in cash. Additionally, there was a $2.0 million component paid in Energy Services Common Stock. Notably, Todd Harrah and Tommy Enyart, the principal executives at Tribute, will retain their positions within the new subsidiary headed by Energy Services.

The $22.0 million cash component of the transaction was financed through a $16.0 million loan obtained from United Bank, West Virginia, with the balance fulfilled in cash by Energy Services. Furthermore, as part of the deal, the Sellers each received $1.0 million in Energy Services Common Stock, falling under an exemption provision of The Securities Act of 1933. The Stock allocation was determined based on a market valuation indicated in the Agreement, resulting in each Seller obtaining 67,386 shares of Stock.

In conjunction with this transaction, Energy Services of America Corporation filed this Current Report on Form 8-K with the Securities and Exchange Commission. Included in the report is Exhibit 2.1, showcasing the Asset Purchase Agreement dated October 30, 2024. Moreover, the company’s Chief Financial Officer, Charles Crimmel, signed the report on December 6, 2024.

This recent acquisition demonstrates Energy Services of America Corporation’s strategic expansion initiatives and highlights the company’s focus on bolstering its presence and capabilities in the utility contracting sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Energy Services of America’s 8K filing here.

About Energy Services of America

Energy Services of America Corporation, together with its subsidiaries, provides contracting services for utilities and energy related companies in the United States. The company constructs, replaces, and repairs interstate and intrastate natural gas pipelines and storage facilities for utility companies and private natural gas companies; and provides services relating to pipeline, storage facilities, and plant works.