Electrical contractor acquisitions: a sourced ledger of 32 US deals, 2024 to 2026
- Data
- ECW ledger of buyer-disclosed acquisitions (SEC EDGAR filings and buyer press releases)
- Period
- July 17, 2024 to October 14, 2026 (action dates)
- Release used
- 2026-10-22
- Next release
- Monthly check; next buyer filings due with Q3 2026 Forms 10-Q in late October and November 2026
- Geography
- United States (target headquarters)
- Sources
- 46 (26 official)
This ledger of electrical contractor acquisitions lists 32 US deals from July 2024 to October 2026. Private equity firms and their platforms made 15 (46.9%). Public contractors such as Comfort Systems USA, EMCOR and Quanta Services made 11, and those 11 account for $8.29 billion of the $8.36 billion in disclosed prices.
US electrical contractor acquisitions, July 2024 to October 2026
Checked Checked monthly against SEC EDGAR filings and buyers' newsrooms. Last checked 2026-10-26. Entries are neutral records of public data; each links to its source record.
| Buyer (sponsor or parent) | Action | Date | Evidence | Source |
|---|---|---|---|---|
| Quanta Services | acquired Cupertino Electric, Inc., an electrical contractor in San Jose, CA | 2024-07-17 | own statement (SEC filing) | Record |
| Heartwood Partners | made a growth investment in Norlee Group, an electrical and mechanical services provider in Jacksonville, FL | 2024-10-28 | own statement (buyer press release) | Record |
| EMCOR Group | acquired Miller Electric Company, an electrical contractor in Jacksonville, FL | 2025-02-03 | own statement (SEC filing) | Record |
| The E-J Group (E-J Electric Installation Co.) | acquired EC Electric, an electrical contractor in Portland, OR | 2025-03-11 | own statement (buyer press release, Internet Archive copy) | Record |
| White Mountains Partners (White Mountains Insurance Group) | acquired Enterprise Electric, LLC (Enterprise Solutions), an electrical contractor in Nashville, TN | 2025-04-01 | own statement (SEC filing) | Record |
| Pinnacle MEP (Blue Point Capital Partners) | acquired Hammans Electric, Inc., an electrical contractor in Indianapolis, IN | 2025-05-20 | own statement (buyer press release, Internet Archive copy) | Record |
| Sterling Infrastructure | acquired substantially all of the assets of CEC Facilities Group, LLC, an electrical contractor in Irving, TX | 2025-09-01 | own statement (SEC filing) | Record |
| Platform Ventures | acquired Staco Electric Construction Company, an electrical contractor based in Kansas City | 2025-09-08 | own statement (buyer press release, Internet Archive copy) | Record |
| ArchKey Solutions | acquired Orlando Diefenderfer Electrical Contractors, an electrical contractor in Allentown, PA | 2025-09-18 | own statement (buyer press release, Internet Archive copy) | Record |
| Norlee Group (Heartwood Partners) | acquired Beaumont Electric Company, an electrical contractor in Naples, FL | 2025-09-30 | own statement (buyer press release) | Record |
| Comfort Systems USA | acquired Feyen-Zylstra Holdings, LLC, an electrical contractor in Grand Rapids, MI | 2025-10-01 | own statement (SEC filing) | Record |
| Comfort Systems USA | acquired Meisner Electric, Inc., an electrical contractor in Boca Raton, FL | 2025-10-01 | own statement (SEC filing) | Record |
| Norlee Group (Heartwood Partners) | acquired Inter-Bay Electric Company, an electrical contractor in Tampa, FL | 2025-11-05 | own statement (buyer press release) | Record |
| Allied Services Group (Bear Castle Capital) | acquired Colstrip Electrical, Inc., an electrical services company operating in Montana, North Dakota, South Dakota and Wyoming | 2025-12-09 | own statement (buyer press release, Internet Archive copy) | Record |
| The State Group (funds managed by Apollo) | acquired J&J Electric of Indiana, Inc., an electrical contractor in Kokomo, IN | 2025-12-22 | own statement (buyer press release, Internet Archive copy) | Record |
| Dycom Industries | acquired Power Solutions, LLC, an electrical contractor in Bowie, MD | 2025-12-23 | own statement (SEC filing) | Record |
| Truelink Capital | agreed to make a significant investment in Prime Electric, an electrical contractor in Bellevue, WA | 2026-01-08 | own statement (buyer press release, Internet Archive copy) | Record |
| The State Group (funds managed by Apollo) | acquired Ruder Electric, Inc., an electrical contractor in Kankakee, IL | 2026-02-12 | own statement (buyer press release, Internet Archive copy) | Record |
| Comfort Systems USA | acquired R.C. Hunt Electric, LLC, an electrical contractor headquartered in Utah | 2026-05-01 | own statement (SEC filing) | Record |
| Primoris Services | acquired PayneCrest Electric, Inc., an electrical contractor in St. Louis, MO | 2026-05-01 | own statement (SEC filing) | Record |
| Enterprise Solutions (White Mountains Partners) | acquired Hawkeye Electric, LLC, an electrical contractor in Chandler, AZ | 2026-05-01 | own statement (SEC filing) | Record |
| Prime Electric (Truelink Capital) | acquired Scholes Electric, an electrical contractor in Piscataway, NJ | 2026-05-04 | own statement (buyer press release, Internet Archive copy) | Record |
| Norlee Group (Heartwood Partners) | acquired Ireland Electric Corporation, an electrical contractor in Augusta, GA | 2026-05-07 | own statement (buyer press release) | Record |
| MYR Group | acquired Valley Electric Company and Comet Electric (Valley Holdings I, Inc.), an electrical contractor in Everett, WA | 2026-07-01 | own statement (SEC filing) | Record |
| MasTec | acquired Electrical Specialists, Inc. d/b/a The Superior Group, an electrical contractor in Columbus, OH | 2026-07-07 | own statement (SEC filing) | Record |
| Comfort Systems USA | acquired Boys Electrical Contractors, LLC, an electrical contractor headquartered in Florida | 2026-08-01 | own statement (SEC filing) | Record |
| Norlee Group (Heartwood Partners) | acquired Vintage Electric, Inc., an electrical contractor in Gainesville, FL | 2026-08-06 | own statement (buyer press release) | Record |
| GreenArrow | acquired MSL Electric, Inc., an electrical contractor in Anaheim, CA | 2026-09-02 | own statement (buyer press release, Internet Archive copy) | Record |
| Leap Partners | acquired Van's Electric, an electrical service company in Franklin, NC | 2026-09-02 | own statement (buyer press release, Internet Archive copy) | Record |
| Loenbro (Kohlberg) | acquired Prism Electric, an electrical contractor operating in Texas and Oklahoma | 2026-09-14 | own statement (buyer press release) | Record |
| Norlee Group (Heartwood Partners) | acquired IEM Electric, Inc., an electrical contractor in Hickory, NC | 2026-09-30 | own statement (buyer press release) | Record |
| Habco Partnership (Blackford Capital) | acquired E.G. Middleton, Inc., an electrical contractor in Norfolk, VA | 2026-10-14 | own statement (buyer press release, Internet Archive copy) | Record |
The electrical contractor acquisitions ledger holds 32 deals since July 2024
Each entry is a public action recorded in the buyer's own words: who bought, what was bought, where it is based and when the deal took effect.
The ledger lists 32 acquisitions of, or controlling investments in, US electrical contracting companies with action dates from July 17, 2024 to October 14, 2026. Every entry links to the buyer's SEC filing or the buyer's press release: 13 entries rest on SEC filings, counting the two White Mountains entries, and 19 on buyer press releases.
Electrical contractor: A business whose main work is installing, maintaining and repairing electrical systems in buildings and facilities, the activity the Census Bureau codes as NAICS 238210. Utility line and substation specialists and mixed trade firms whose revenue is mostly mechanical are excluded.
Action date: The closing date stated by the buyer. Where a buyer gives no closing date, the date of its announcement.
Private equity firms made 15 of the 32 deals; public contractors made 11
Private buyers made more deals, public contractors spent the disclosed money.
Private equity firms, private investment firms and their platform companies made 15 deals (46.9%). Heartwood Partners and its platform Norlee Group account for 6 of them: the October 28, 2024 growth investment in Norlee and five Norlee add-ons in Florida, Georgia and North Carolina.
Public contractors made 11 deals (34.4%). Comfort Systems USA made 4, and Quanta Services, EMCOR Group, Sterling Infrastructure, Dycom Industries, Primoris Services, MYR Group and MasTec made 1 each. White Mountains Partners, part of the listed insurer White Mountains Insurance Group, made 2 (6.2%). Four deals (12.5%) were by private companies whose releases name no outside investor: ArchKey Solutions, The E-J Group, GreenArrow and Leap Partners.
| Buyer type | Deals | Share of deals | Deals with disclosed value | Disclosed value, $ millions |
|---|---|---|---|---|
| Public contractor | 11 | 34.4% | 11 | 8,294.5 |
| Listed holding company | 2 | 6.2% | 1 | 65.0 |
| Private equity or private investment firm | 15 | 46.9% | 0 | 0.0 |
| Private company, no investor named | 4 | 12.5% | 0 | 0.0 |
Private equity includes platform companies whose sponsor is named in the buyer's release. Listed holding company is White Mountains Partners.
Source: [9][20][30] Comfort Systems USA via SEC EDGAR; White Mountains Insurance Group via SEC EDGAR; Heartwood Partners
Deals by buyer type, July 2024 to October 2026
Source: ECW Data Desk ledger of 32 deals, checked 2026-10-26
Some active buyers do not appear because their filings do not name the companies bought. EMCOR reports buying 9 companies in 2025 besides Miller Electric, for $182.1 million upfront, and 7 in 2024. Quanta reports 3 businesses bought in the first half of 2026, one of them described as providing electrical contracting. IES Holdings, a large electrical contractor itself, made 3 acquisitions in fiscal 2025, none of them an electrical contractor.
Florida holds 7 of 32 targets, and commercial contractors are half the deals
Targets are spread across 19 named states; commercial and institutional contractors dominate the count, data center contractors dominate the value.
Florida is home to 7 of the 32 targets (21.9%): Miller Electric in Jacksonville, Meisner Electric in Boca Raton, Boys Electrical Contractors, Norlee Group itself and three Norlee add-ons in Naples, Tampa and Gainesville. California, Indiana, North Carolina and Washington have 2 targets each. For how many electrical contractors operate in each state, see electrical contractor counts by state.
Targets by headquarters state as stated by the buyer
Source: ECW Data Desk ledger of 32 deals, checked 2026-10-26
| Target state (headquarters as stated by buyer) | Deals |
|---|---|
| FL | 7 |
| CA | 2 |
| IN | 2 |
| NC | 2 |
| WA | 2 |
| AZ | 1 |
| GA | 1 |
| IL | 1 |
| MD | 1 |
| MI | 1 |
| MO | 1 |
| MT, ND, SD, WY (operations) | 1 |
| NJ | 1 |
| OH | 1 |
| OR | 1 |
| PA | 1 |
| TN | 1 |
| TX | 1 |
| TX, OK (operations) | 1 |
| UT | 1 |
| VA | 1 |
| not stated | 1 |
State as stated by the buyer. Three targets list only multi-state operations or no state.
Source: [1][4][6][9][11][13][14][16] Quanta Services via SEC EDGAR; EMCOR Group via SEC EDGAR; Sterling Infrastructure via SEC EDGAR; Comfort Systems USA via SEC EDGAR; Dycom Industries via SEC EDGAR; Primoris Services via SEC EDGAR; MYR Group via SEC EDGAR; MasTec via SEC EDGAR
By the buyers' own descriptions, 16 targets (50.0%) mainly serve commercial and institutional customers such as hospitals, schools and offices, 8 (25.0%) mainly serve industrial plants, and 5 (15.6%) are data center and mission-critical specialists. One target, Van's Electric of Franklin, North Carolina, is a residential service company.
| Target segment (buyer's description) | Deals | Share of deals | Deals with disclosed value | Disclosed value, $ millions |
|---|---|---|---|---|
| Commercial and institutional | 16 | 50.0% | 5 | 1,407.8 |
| Industrial | 8 | 25.0% | 3 | 754.2 |
| Data center and mission-critical | 5 | 15.6% | 4 | 6,197.5 |
| Residential and commercial | 1 | 3.1% | 0 | 0.0 |
| Residential service | 1 | 3.1% | 0 | 0.0 |
| Public transportation infrastructure | 1 | 3.1% | 0 | 0.0 |
Segment is the primary end market in the buyer's own description of the target.
Source: [1][4][6][9][11][13][14][16] Quanta Services via SEC EDGAR; EMCOR Group via SEC EDGAR; Sterling Infrastructure via SEC EDGAR; Comfort Systems USA via SEC EDGAR; Dycom Industries via SEC EDGAR; Primoris Services via SEC EDGAR; MYR Group via SEC EDGAR; MasTec via SEC EDGAR
Deals by the target's primary end market, as the buyer described it
Source: ECW Data Desk ledger of 32 deals, checked 2026-10-26
The targets are large by industry standards. Where buyers state a workforce, it ranges from about 120 workers at E.G. Middleton to about 4,300 at Cupertino Electric. In the Census Bureau's 2023 County Business Patterns, only 1,482 of 83,342 electrical contractor establishments (1.8%) had 100 or more employees.
| Employment size class | Establishments, NAICS 238210, 2023 | Share of establishments |
|---|---|---|
| Fewer than 5 | 48,799 | 58.6% |
| 5 to 9 | 15,277 | 18.3% |
| 10 to 19 | 9,329 | 11.2% |
| 20 to 49 | 6,300 | 7.6% |
| 50 to 99 | 2,155 | 2.6% |
| 100 to 249 | 1,119 | 1.3% |
| 250 to 499 | 234 | 0.3% |
| 500 to 999 | 92 | 0.1% |
| 1,000 or more | 37 | 0.0% |
Context only. County Business Patterns counts establishments, not firms; 2023 is the latest release (2025-06-26).
Source: [25] U.S. Census Bureau
Deals peaked at 8 in the third quarter of 2026
The ledger shows more deals in each year: 2 in 2024 (from July), 14 in 2025 and 16 in 2026 to October 26.
By action date, the ledger records 6 deals in the fourth quarter of 2025 and 8 in the third quarter of 2026, the two busiest quarters. The 2024 count is low partly because this check found fewer 2024 releases; see the limits section below.
Named US deals in the ledger, by quarter of the action date
Source: ECW Data Desk ledger built from buyers' SEC filings and press releases, checked 2026-10-26
| Quarter (date of action) | Public contractor | Listed holding company | Private equity or private investment firm | Private company, no investor named | All buyers |
|---|---|---|---|---|---|
| 2024 Q3 | 1 | 0 | 0 | 0 | 1 |
| 2024 Q4 | 0 | 0 | 1 | 0 | 1 |
| 2025 Q1 | 1 | 0 | 0 | 1 | 2 |
| 2025 Q2 | 0 | 1 | 1 | 0 | 2 |
| 2025 Q3 | 1 | 0 | 2 | 1 | 4 |
| 2025 Q4 | 3 | 0 | 3 | 0 | 6 |
| 2026 Q1 | 0 | 0 | 2 | 0 | 2 |
| 2026 Q2 | 2 | 1 | 2 | 0 | 5 |
| 2026 Q3 | 3 | 0 | 3 | 2 | 8 |
| 2026 Q4 | 0 | 0 | 1 | 0 | 1 |
Quarter of the action date: closing date where the buyer states one, otherwise the announcement date. 2026 Q4 runs to October 26.
Source: [24][30] U.S. Securities and Exchange Commission; Heartwood Partners
Mergermarket data cited by ION Analytics show a record number of North American electrical contracting deals in the first quarter of 2026. The ledger counts only 2 named deals in that quarter, which shows how many transactions never appear in a buyer statement that names the target.
Twelve deals disclosed $8.36 billion; three of them make up 67.4%
Every disclosed price comes from a buyer's SEC filing; the figures use different bases and are not valuations.
The largest disclosed values are Quanta's Cupertino Electric (about $2.04 billion aggregate consideration, including payment for cash held), Dycom's Power Solutions ($1,995.9 million total consideration) and MasTec's The Superior Group (about $1.6 billion aggregate price). Together they total $5.64 billion.
The 12 deals with a buyer-disclosed value, $ millions
Source: buyers' Forms 10-K, 10-Q and 8-K via SEC EDGAR; ECW Data Desk
| Buyer | Target | Date | Disclosed value, $ millions | Basis |
|---|---|---|---|---|
| Quanta Services | Cupertino Electric, Inc. | 2024-07-17 | 2,040.0 | aggregate consideration about $2.04 billion incl. payment for cash held (10-K 2024); upfront about $1.54 billion at closing release |
| Dycom Industries | Power Solutions, LLC | 2025-12-23 | 1,995.9 | total consideration $1,995.9 million (10-K FY2026); valued at $1.95 billion at signing |
| MasTec | Electrical Specialists, Inc. d/b/a The Superior Group | 2026-07-07 | 1,600.0 | aggregate purchase price about $1.6 billion (10-Q Q2 2026); about $1.65 billion announced; closed in July 2026 |
| EMCOR Group | Miller Electric Company | 2025-02-03 | 876.8 | total cash consideration about $876.8 million (10-K 2025); $865 million announced |
| Sterling Infrastructure | CEC Facilities Group, LLC | 2025-09-01 | 561.6 | fair value of consideration $561.589 million incl. earn-out (10-K 2025); upfront $505 million announced |
| Primoris Services | PayneCrest Electric, Inc. | 2026-05-01 | 437.5 | total purchase consideration $437.5 million, $404.7 million net of cash (10-Q Q2 2026); $422 million announced |
| MYR Group | Valley Electric Company and Comet Electric (Valley Holdings I, Inc.) | 2026-07-01 | 328.0 | initial cash consideration about $328.0 million (10-Q Q2 2026) |
| Comfort Systems USA | R.C. Hunt Electric, LLC | 2026-05-01 | 206.0 | total preliminary purchase price $206.0 million (10-Q Q3 2026) |
| Comfort Systems USA | Feyen-Zylstra Holdings, LLC | 2025-10-01 | 110.7 | total purchase price $110.7 million (10-Q Q3 2026) |
| Comfort Systems USA | Meisner Electric, Inc. | 2025-10-01 | 75.0 | total purchase price $75.0 million (10-Q Q3 2026) |
| White Mountains Partners | Enterprise Electric, LLC (Enterprise Solutions) | 2025-04-01 | 65.0 | about $65 million for a 66% interest (White Mountains investor presentation, 8-K June 2025) |
| Comfort Systems USA | Boys Electrical Contractors, LLC | 2026-08-01 | 63.0 | total preliminary purchase price $63.0 million (10-Q Q3 2026) |
Most recent figure filed by the buyer. Bases differ: some include earn-outs, cash acquired or a partial interest.
Source: [2][5][7][9][12][13][15][17][19] Quanta Services via SEC EDGAR; EMCOR Group via SEC EDGAR; Sterling Infrastructure via SEC EDGAR; Comfort Systems USA via SEC EDGAR; Dycom Industries via SEC EDGAR; Primoris Services via SEC EDGAR; MYR Group via SEC EDGAR; MasTec via SEC EDGAR; White Mountains Insurance Group via SEC EDGAR
The median disclosed value is $382.75 million. Prices announced at signing often differ from the filed figure: EMCOR announced $865 million for Miller Electric and later filed $876.8 million; Sterling announced $505 million upfront for CEC Facilities Group and filed $561.6 million including an earn-out. The White Mountains figure of about $65 million is for a 66% interest in Enterprise Solutions.
What the record cannot show: 20 undisclosed prices and many unnamed deals
The ledger is a floor, not a census of the market.
- Twenty of 32 deals (62.5%) have no disclosed price, including all 15 private equity deals and all 4 private company deals.
- Public buyers do not always name targets: EMCOR's 9 unnamed 2025 acquisitions and 7 unnamed 2024 acquisitions, and Quanta's unnamed 2026 electrical contracting business, are not in the ledger.
- Cascade Partners, cited by EC&M, counted 99 electrical contractor acquisitions in 2025 and 140 in 2024; the ledger's 14 deals for 2025 are about 14.1% of that count, and the two counts use different definitions.
- Private sales announced only by sellers, advisers or local press, without a buyer release, are excluded; see excluded.md in the data download.
- Searches surfaced fewer 2024 releases than 2025 and 2026 releases, so the rise in yearly counts partly reflects search coverage.
- Segment labels follow the buyer's description of the target and are a judgment where the buyer lists several markets.
Counts from the ledger
Deals per quarter
Formulacount of ledger entries by quarter of action date
Inputs: registry rows L01 to L32 (fact sheet rows)
Result: Peak of 8 in 2026 Q3; 6 in 2025 Q4
Named deals cluster in the second half of 2025 and the middle of 2026.
Limitations: Named deals only; 2024 under-covered.
Share by buyer type
Formuladeals of type / 32 x 100
Inputs: registry rows L01 to L32 (fact sheet rows)
Result: Private equity 46.9%, public contractors 34.4%, private companies 12.5%, listed holding company 6.2%
Private equity makes the most deals by count.
Limitations: Buyer type from the buyer's own description.
Share by target segment
Formuladeals of segment / 32 x 100
Inputs: registry rows L01 to L32 (fact sheet rows)
Result: Commercial and institutional 50.0%, industrial 25.0%, data center and mission-critical 15.6%
Most targets are general commercial and industrial contractors, not data center specialists.
Limitations: Primary market is a judgment where several are listed.
Disclosed values summed
Formulasum of 12 disclosed values
Inputs: t4 rows 1 to 12 (fact sheet rows)
Result: $8,359.5 million across 12 deals; 20 undisclosed (62.5%)
Nearly all disclosed money comes from public contractors ($8,294.5 million).
Limitations: Bases differ: earn-outs, cash acquired and a 66% interest.
Concentration of disclosed value
Formulatop three values / total disclosed x 100
Inputs: t4 rows 1 to 3 (fact sheet rows)
Result: 67.4%
Three data center focused deals carry most of the disclosed value.
Limitations: Depends on which deals disclose terms.
Data center share of disclosed value
Formuladata center segment value / total disclosed x 100
Inputs: registry rows L01, L06, L15, L24 (fact sheet rows)
Result: 74.1%
Data center specialists are few by count but large by price.
Limitations: Four of five data center deals disclosed a price.
Size context
FormulaNAICS 238210 establishments with 100+ employees / all establishments x 100
Inputs: t6 rows 6 to 9 (fact sheet rows)
Result: 1.8%
Named targets come from the small top size band of the industry.
Limitations: Establishments are not firms; 2023 data.
The numbers that matter
- From July 2024 to October 2026, buyers' own filings and releases record 32 acquisitions of US electrical contractors.[24][30]
- Private equity or private investment firms and their platforms made 15 of the 32 deals (46.9%), July 2024 to October 2026.[30][32][40]
- Public contractors made 11 deals (34.4%), and all 11 disclosed a price, totalling $8.29 billion (filings through October 2026).[5][9][12][13]
- Quanta Services' Cupertino Electric purchase (San Jose, California, July 2024) carried aggregate consideration of about $2.04 billion, the largest disclosed value.[1][2]
- Dycom Industries paid total consideration of $1,995.9 million for Power Solutions of Bowie, Maryland, closed December 23, 2025.[11][12]
- MasTec's aggregate purchase price for The Superior Group of Columbus, Ohio, was about $1.6 billion when it closed in July 2026.[16][17]
- Comfort Systems USA bought 4 electrical contractors from October 2025 to August 2026 with combined disclosed prices of $454.7 million.[8][9]
- Twenty of 32 deals (62.5%) have no disclosed price; none of the 15 private equity deals published terms.[30][32]
- The three largest disclosed deals account for 67.4% of the $8.36 billion in disclosed value, July 2024 to July 2026.[2][12][17]
- Data center and mission-critical targets were 5 deals (15.6%) but $6.20 billion, or 74.1%, of disclosed value.[1][6][11][16]
- Commercial and institutional contractors were the largest target group, with 16 deals (50.0%).[1][4][6][9][11][13][14][16]
- Florida-based contractors were 7 of the 32 targets (21.9%); 4 of the 7 involve Norlee Group.[4][9][30]
- Deals peaked at 8 in the third quarter of 2026, up from 4 in the third quarter of 2025.[15][17][30]
- Cascade Partners, cited by EC&M, counted 99 US electrical contractor acquisitions in 2025, so this ledger's 14 deals for 2025 cover about 14.1% of that count.[45]
In short
- The ledger holds 32 acquisitions of US electrical contractors with action dates from July 17, 2024 to October 14, 2026, each read in the buyer's own filing or release.
- Private equity firms, private investment firms and their platform companies made 15 deals (46.9%); public contractors made 11 (34.4%).
- Heartwood Partners and its platform Norlee Group account for 6 entries; Comfort Systems USA accounts for 4.
- Twelve deals disclosed a price, summing to $8.36 billion; none of the 15 private equity deals disclosed one.
- Data center and mission-critical contractors were 5 of 32 targets (15.6%) but 74.1% of disclosed value.
- Florida is home to 7 of the 32 targets (21.9%), more than any other state.
- The third quarter of 2026 has the most deals in the ledger, with 8.
What people search for
Why are private equity firms buying electrical contractors?
Only the buyers' own statements are used here. White Mountains told investors in June 2025 that its new partners unit offered a chance to diversify into sectors uncorrelated with the insurance cycle and that it intends to deploy up to $500 million of equity over time; Enterprise Solutions, an electrical contractor, was its first platform. Platform Ventures said Staco Electric marked its entry into specialty construction services. Truelink Capital pointed to Prime Electric's exposure to growing end markets including healthcare, biopharma, data centers and renewable energy. Loenbro, backed by Kohlberg since December 2025, said the Prism deal expands its electrical service capabilities and its presence in high-growth markets. Blackford Capital said the best add-ons make a platform strategically stronger, not only bigger.
What do buyers look for in an electrical contractor?
Buyers' releases name the traits they paid for. Sterling Infrastructure noted that electrical work was over 80% of CEC Facilities Group's 2024 revenue and that over 80% of its revenue and backlog came from mission-critical markets such as semiconductor plants and data centers. EMCOR pointed to Miller Electric earning about 90% of revenue in Florida and the Southeast, where EMCOR had limited electrical presence. Dycom cited Power Solutions' data center customers and a backlog above $1.0 billion. Quanta cited Cupertino Electric's low-voltage electrical workforce and technology customers. Everus, describing its mainly mechanical SE&M deal (excluded from this ledger), said the purchase fit its stated acquisition criteria: added capabilities, a wider Southeast footprint and deeper end-market exposure.
Common questions
How many US electrical contractor acquisitions are in this ledger?
The ledger holds 32 deals with action dates from July 17, 2024 to October 14, 2026: 2 in 2024, 14 in 2025 and 16 in 2026 to October 26.
Who is the most active buyer of electrical contractors?
Heartwood Partners and its platform Norlee Group account for 6 entries, the growth investment in Norlee and five add-ons. Comfort Systems USA, a public contractor, made 4 acquisitions from October 2025 to August 2026.
What is the largest disclosed electrical contractor acquisition since 2024?
Quanta Services' purchase of Cupertino Electric of San Jose, California, closed July 17, 2024, with aggregate consideration of about $2.04 billion in Quanta's 2024 Form 10-K. Dycom's Power Solutions deal, at $1,995.9 million, is second.
How many deals disclosed a price?
Twelve of 32 deals disclosed a price, totalling $8.36 billion; the other 20 (62.5%) did not. All 11 public contractor deals disclosed a price; none of the 15 private equity deals did.
Which state has the most acquired electrical contractors?
Florida, with 7 of the 32 targets (21.9%), including Miller Electric of Jacksonville and four entries involving Norlee Group.
Are buyers mainly buying data center electrical contractors?
Not by count. Data center and mission-critical specialists were 5 of 32 targets (15.6%), but they account for $6.20 billion, or 74.1%, of the $8.36 billion in disclosed prices.
Did electrical contractor deal activity rise in 2026?
The ledger has 16 deals with 2026 action dates to October 26, against 14 in all of 2025, and a peak of 8 in the third quarter of 2026. Part of the rise may reflect better search coverage of recent releases.
Does this ledger include every electrical contractor sale?
No. Cascade Partners, cited by EC&M, counted 99 US electrical contractor acquisitions in 2025; the ledger names 14 for 2025, about 14.1%. Deals without a buyer statement naming the target are not included.
How big are the electrical contractors being bought?
Large for the industry. Stated workforces include about 4,300 at Cupertino Electric, more than 3,500 at Miller Electric and more than 2,800 at Power Solutions. Only 1.8% of the 83,342 electrical contractor establishments in 2023 had 100 or more employees.
Which deals were left out and why?
Mixed trade firms that are mainly mechanical, such as SE&M (about 65% mechanical revenue), Summit Industrial Construction and Pioneer Power, are excluded, as are utility line and substation specialists and deals with no buyer statement naming the target.
Get the data
Every table in this report is available as a CSV under CC BY 4.0. The fact sheet lists each value with its source URL and access date.
Cite this report
The figures to cite first
- 32 named US electrical contractor acquisitions, July 2024 to October 2026; 15 by private equity, 11 by public contractors.[24][30]
- $8.36 billion in disclosed prices across 12 deals; 20 deals undisclosed.[2][5][12][17]
- Data center and mission-critical targets: 15.6% of deals, 74.1% of disclosed value.[1][11][16]
Quotable figures
- Private equity firms and their platforms made 15 of 32 named US electrical contractor acquisitions from July 2024 to October 2026 (ECW ledger).[30][32]
- Buyers disclosed prices for 12 of 32 US electrical contractor acquisitions since July 2024, totalling $8.36 billion.[2][5][12]
- None of the 15 private equity acquisitions of US electrical contractors in the ledger disclosed a price.[30][35]
- Data center and mission-critical contractors were 15.6% of deals but 74.1% of disclosed value, July 2024 to July 2026.[1][11][16]
- Florida was home to 7 of 32 acquired US electrical contractors, July 2024 to October 2026.[4][30]
- The third quarter of 2026 had 8 named acquisitions of US electrical contractors, the most of any quarter since July 2024.[9][30][31]
Summary for editors
A new public ledger from the Electrical Contractors and Wiring Data Desk records 32 acquisitions of US electrical contracting companies with action dates from July 2024 to October 2026, each drawn from the buyer's own SEC filing or press release. Private equity firms, private investment firms and their platform companies made 15 of the deals (46.9%), and public contractors made 11 (34.4%). Only 12 deals disclosed a price; together they total $8.36 billion, and the 11 public contractor deals account for $8.29 billion of it. The three largest, Quanta Services' purchase of Cupertino Electric, Dycom Industries' purchase of Power Solutions and MasTec's purchase of The Superior Group, make up 67.4% of disclosed value. Data center and mission-critical contractors were 5 of the 32 targets. Florida had more targets than any other state, with 7. The third quarter of 2026 had the most deals, with 8. The ledger is checked monthly and was last checked October 26, 2026.
Headlines the data supports
- Private equity made 15 of 32 named US electrical contractor acquisitions since mid-2024
- Twelve electrical contractor deals disclosed $8.36 billion in prices; 20 kept terms private
- Data center contractors: 5 deals, 74.1% of disclosed electrical contractor deal value
- Florida leads the electrical contractor acquisition ledger with 7 targets
- Electrical contractor acquisitions hit 8 in the third quarter of 2026
Citation
Electrical Contractors and Wiring. (2026). Electrical contractor acquisitions: a sourced ledger of 32 US deals, 2024 to 2026. Retrieved from https://electricalcontractorsandwiring.com/data/electrical-contractor-acquisitions/
Reuse
Data and tables are licensed CC BY 4.0. Attribution: “Source: Electrical Contractors and Wiring, Electrical contractor acquisitions: a sourced ledger of 32 US deals, 2024 to 2026” with a link to this page.
How we built this report
Scope: acquisitions of, or controlling investments in, US-headquartered electrical contractors (NAICS 238210 type businesses) with action dates from 2024 to October 26, 2026. The earliest qualifying entry found is July 17, 2024.
Sources: SEC EDGAR full-text search of Forms 8-K, 10-K and 10-Q filed from January 1, 2024 to October 26, 2026 for electrical contractor acquisition language; the acquisition notes in the filings of IES Holdings, EMCOR, Comfort Systems USA, Quanta Services, MYR Group, Sterling Infrastructure, Dycom Industries, MasTec, Primoris Services, Everus Construction Group, Limbach, Energy Services of America and White Mountains; buyers' own press releases found through news search and buyers' newsrooms. Wire service pages that block automated access were read from Internet Archive copies, which are labelled.
Inclusion: the buyer, or its sponsor, must name the target and describe it as an electrical contractor or electrical services business. Trade press is used only as context, never as the sole evidence for an entry.
Exclusion: targets that are mainly mechanical, plumbing, fire protection, manufacturing or distribution businesses; utility line and substation specialists; non-US targets; deals described only by sellers, advisers or local press. Excluded items are listed with reasons in excluded.md.
Dates and values: the action date is the closing date stated by the buyer, or the announcement date where no closing date is given. Values are the buyer's most recent filed figure for total consideration; no valuations or estimates are added. Where announced and filed figures differ, both are shown in the registry CSV.
Classification: buyer type and target segment follow the buyer's own description. Platform companies are classed with their named private equity sponsor.
Derived metrics are computed by scripts/build.py from scripts/data.py and are reproducible from the CSVs. Census County Business Patterns 2023 (released June 26, 2025) is the latest release and is used only for size context.
Conflicts of interest: none. The Data Desk has no financial relationship with any buyer or seller listed. Last updated October 26, 2026; checked monthly.
This report presents published data with its limitations. It is not legal, financial or investment advice.
Sources by tier
Tier 1: primary and official sources (26)
- [1] Quanta Services via SEC EDGAR. Form 8-K Exhibit 99.1: Quanta Services acquires Cupertino Electric, Inc.. July 18, 2024. Accessed 2026-10-26.
- [2] Quanta Services via SEC EDGAR. Form 10-K for fiscal 2024. Year ended December 31, 2024. Accessed 2026-10-26.
- [3] Quanta Services via SEC EDGAR. Form 10-Q for the quarter ended June 30, 2026. Six months ended June 30, 2026. Accessed 2026-10-26.
- [4] EMCOR Group via SEC EDGAR. Form 8-K Exhibit 99.1: EMCOR completes acquisition of Miller Electric Company. February 3, 2025. Accessed 2026-10-26.
- [5] EMCOR Group via SEC EDGAR. Form 10-K for fiscal 2025. Years ended December 31, 2024 and 2025. Accessed 2026-10-26.
- [6] Sterling Infrastructure via SEC EDGAR. Form 8-K Exhibit 99.1: Sterling announces agreement to acquire CEC Facilities Group. June 17, 2025. Accessed 2026-10-26.
- [7] Sterling Infrastructure via SEC EDGAR. Form 10-K for fiscal 2025. Year ended December 31, 2025. Accessed 2026-10-26.
- [8] Comfort Systems USA via SEC EDGAR. Form 8-K Exhibit 99.1: third quarter 2025 results. Quarter ended September 30, 2025. Accessed 2026-10-26.
- [9] Comfort Systems USA via SEC EDGAR. Form 10-Q for the quarter ended September 30, 2026. Nine months ended September 30, 2026. Accessed 2026-10-26.
- [10] Comfort Systems USA via SEC EDGAR. Form 10-K for fiscal 2024. Year ended December 31, 2024. Accessed 2026-10-26.
- [11] Dycom Industries via SEC EDGAR. Form 8-K Exhibit 99.1: Dycom Industries to acquire Power Solutions. November 19, 2025. Accessed 2026-10-26.
- [12] Dycom Industries via SEC EDGAR. Form 10-K for fiscal 2026. Fiscal year ended January 31, 2026. Accessed 2026-10-26.
- [13] Primoris Services via SEC EDGAR. Form 10-Q for the quarter ended June 30, 2026. Six months ended June 30, 2026. Accessed 2026-10-26.
- [14] MYR Group via SEC EDGAR. Form 8-K Exhibit 99.1: MYR Group agreement to acquire Valley Electric and Comet Electric. May 27, 2026. Accessed 2026-10-26.
- [15] MYR Group via SEC EDGAR. Form 10-Q for the quarter ended June 30, 2026. Quarter ended June 30, 2026 (subsequent event July 1, 2026). Accessed 2026-10-26.
- [16] MasTec via SEC EDGAR. Form 8-K: agreement to acquire Electrical Specialists, Inc. d/b/a the Superior Group. July 7, 2026. Accessed 2026-10-26.
- [17] MasTec via SEC EDGAR. Form 10-Q for the quarter ended June 30, 2026. Quarter ended June 30, 2026 (Q3 2026 acquisitions note). Accessed 2026-10-26.
- [18] MasTec via SEC EDGAR. Form 8-K Exhibit 99.1: second quarter 2026 results. Quarter ended June 30, 2026. Accessed 2026-10-26.
- [19] White Mountains Insurance Group via SEC EDGAR. Form 8-K Exhibit 99.1: investor presentation. June 2025. Accessed 2026-10-26.
- [20] White Mountains Insurance Group via SEC EDGAR. Form 10-Q for the quarter ended June 30, 2026. Six months ended June 30, 2026. Accessed 2026-10-26.
- [21] Everus Construction Group via SEC EDGAR. Form 8-K Exhibit 99.1: Everus acquires SE&M. April 2, 2026. Accessed 2026-10-26.
- [22] IES Holdings via SEC EDGAR. Form 10-K for fiscal 2025. Fiscal year ended September 30, 2025. Accessed 2026-10-26.
- [23] Limbach Holdings via SEC EDGAR. Form 10-K for fiscal 2025. Year ended December 31, 2025. Accessed 2026-10-26.
- [24] U.S. Securities and Exchange Commission. EDGAR full-text search (8-K, 10-K, 10-Q filings, 2024-01-01 to 2026-10-26). Filings dated 2024-01-01 to 2026-10-26. Accessed 2026-10-26.
- [25] U.S. Census Bureau. County Business Patterns 2023, U.S. file (NAICS 238210). Week of March 12, 2023 (released 2025-06-26). Accessed 2026-10-26.
- [26] Primoris Services via SEC EDGAR. Form 8-K Exhibit 99.1: first quarter 2026 results. Quarter ended March 31, 2026. Accessed 2026-10-26.
Tier 2: trade bodies, market research, company data (18)
- [27] EMCOR Group via Business Wire (Internet Archive copy). EMCOR Group, Inc. announces agreement to acquire Miller Electric Company. January 14, 2025. Accessed 2026-10-26.
- [28] Primoris Services via Business Wire (Internet Archive copy). Primoris Services Corporation to acquire PayneCrest Electric Inc.. March 31, 2026. Accessed 2026-10-26.
- [29] MasTec via Business Wire (Internet Archive copy). MasTec to acquire The Superior Group. July 7, 2026. Accessed 2026-10-26.
- [30] Heartwood Partners. Heartwood Partners news releases on Norlee Group (six releases, June 2025 to October 2026). October 2024 to September 2026. Accessed 2026-10-26.
- [31] Loenbro. Loenbro expands electrical capabilities and geographic reach with acquisition of Prism. September 14, 2026. Accessed 2026-10-26.
- [32] The State Group via PR Newswire (Internet Archive copies). The State Group releases on J&J Electric of Indiana and Ruder Electric (two releases). December 22, 2025 and February 12, 2026. Accessed 2026-10-26.
- [33] Enterprise Solutions. Enterprise Solutions, WMP announces acquisition of Hawkeye Electric. May 1, 2026. Accessed 2026-10-26.
- [34] ArchKey Solutions via PR Newswire (Internet Archive copy). ArchKey Solutions acquires Orlando Diefenderfer Electrical Contractors. September 18, 2025. Accessed 2026-10-26.
- [35] Truelink Capital via PR Newswire (Internet Archive copy). Truelink Capital announces investment in Prime Electric. January 8, 2026. Accessed 2026-10-26.
- [36] Prime Electric via PR Newswire (Internet Archive copy). Prime Electric acquires Scholes Electric. May 4, 2026. Accessed 2026-10-26.
- [37] Blackford Capital via PR Newswire (Internet Archive copy). Blackford Capital acquires E.G. Middleton, Inc.. October 14, 2026. Accessed 2026-10-26.
- [38] GreenArrow via PR Newswire (Internet Archive copy). GreenArrow acquires MSL Electric. September 2, 2026. Accessed 2026-10-26.
- [39] E-J Electric Installation Co. via PR Newswire (Internet Archive copy). The E-J Group welcomes EC Electric. March 11, 2025. Accessed 2026-10-26.
- [40] Platform Ventures via Business Wire (Internet Archive copy). Platform Ventures acquires Staco Electric Construction Company. September 8, 2025. Accessed 2026-10-26.
- [41] Leap Partners via PR Newswire (Internet Archive copy). Leap Partners expands in North Carolina (Van's Electric). September 2, 2026. Accessed 2026-10-26.
- [42] Bear Castle Capital via Business Wire (Internet Archive copy). Bear Castle Capital forms Allied Services Group with the acquisition of Colstrip Electrical, Inc.. December 9, 2025. Accessed 2026-10-26.
- [43] Blue Point Capital Partners via Business Wire (Internet Archive copy). Blue Point-backed Pinnacle MEP adds Hammans Electric. May 20, 2025. Accessed 2026-10-26.
- [44] White Mountains Partners via PR Newswire (Internet Archive copy). White Mountains Partners announces acquisition of Enterprise Solutions. April 1, 2025. Accessed 2026-10-26.
Tier 3: journalism and expert commentary (2)
- [45] EC&M. Electrical Contractor M&A Dips in 2025 (citing Cascade Partners, H2 2025 market update). Calendar 2024 and 2025. Accessed 2026-10-26.
- [46] ION Analytics / Mergermarket. Electrical contractors emerge as infrastructure play amid electrification boom (Dealspeak North America). Data as of July 10, 2026. Accessed 2026-10-26.