[STRATEGIC] Industrial Construction · MEP
Services · Specialty Services M&A —
April 2, 2026 — CLOSED
Everus Construction Group Acquires SE&M
Constructors for $158M — First Acquisition Expands Southeast MEP and Pharma
Capabilities
Bismarck-based Everus Construction Group executes its first
acquisition as a public company: the $158 million all-cash purchase of SE&M
Constructors — a century-old North Carolina mechanical, electrical, and
plumbing (MEP) specialist with deep roots in pharmaceutical and complex
industrial construction — expanding Everus's geographic footprint into the
high-growth Southeast and deepening its industrial and pharma end-market
exposure.
DEAL SNAPSHOT
|
DEAL VALUE $158 Million cash (+ up
to 8% earnout) |
TARGET REVENUE (FY2025) $109 Million (EBITDA
margins: high teens) |
|
CLOSED April 2, 2026 |
FINANCING 100% cash on hand — no
external debt raised |
|
ACQUIRER Everus Construction
Group (NYSE: ECG) — Bismarck, ND |
EARNOUT Up to 8% of purchase
price based on post-acquisition performance |
THE PARTIES
|
ACQUIRER Everus Construction Group
(NYSE: ECG) Bismarck,
ND-based specialty construction and infrastructure company. President and CEO
Jeffrey S. Thiede. Listed on NYSE (ECG). Everus operates across electrical,
mechanical, and specialty construction for industrial, commercial, and
infrastructure clients primarily in the Midwest and Mountain West regions of
the US. SE&M represents Everus's inaugural acquisition as a public
company and its first significant move into the Southeast — one of the
fastest-growing construction markets in the United States, driven by
pharmaceutical manufacturing relocalization, semiconductor fab construction,
data center buildouts, and healthcare expansion. Funded acquisition entirely
with cash on hand. |
TARGET SE&M Constructors, Inc. + SE&M of
the Triangle, Inc. + SECO Rentals, LLC Elm City,
North Carolina-based MEP construction group. Founded 1923 — over 100 years of
operating history. Services: mechanical, electrical, and plumbing (MEP)
construction for pharmaceutical, complex industrial, and healthcare
facilities. Revenue mix: approximately 65% mechanical services; 60% from
pharmaceutical and healthcare sectors. Workforce: 200+ skilled craft
laborers. FY2025 revenues: $109 million; EBITDA margins in the high-teens
(approximately 17-19%). Known for highly specialized projects requiring
strict quality control (pharmaceutical GMP compliance, cleanroom
construction, sterile manufacturing facilities). Strong recurring revenue
base from maintenance and retrofit of existing facilities. Deep municipal and
corporate client relationships in North Carolina's Research Triangle market. |
DEAL OVERVIEW
Everus
Construction Group closed the acquisition of SE&M Constructors (including
SE&M of the Triangle and SECO Rentals) on April 2, 2026, for $158 million
in cash, with a potential additional earnout of up to 8% of the purchase price
tied to post-acquisition performance targets. The transaction was funded
entirely from Everus's cash on hand — no new external debt or equity was issued
— demonstrating the company's strong balance sheet following its 2025 public
market listing.
SE&M was
founded in 1923 and has over a century of operating history in North Carolina,
making it one of the oldest specialty MEP contractors in the Southeast. The
business generates approximately 65% of revenue from mechanical services and
60% from pharmaceutical and healthcare clients — two of the most durable and
high-margin end markets in industrial construction. The acquisition
significantly advances Everus's stated acquisition strategy of acquiring
specialty contractors that enhance mechanical capabilities, broaden geographic
reach in strong-tailwind markets, and deepen end-market exposure in defensible
niches.
"This transaction fits squarely with our stated acquisition
criteria — SE&M enhances our mechanical services capabilities, broadens our
geographic footprint in the Southeast where we see strong industry tailwinds,
and deepens our end-market exposure in the industrial and pharmaceutical
markets."
— Jeffrey S.
Thiede, President & CEO, Everus Construction Group
THE PHARMACEUTICAL MEP OPPORTUNITY
The US
pharmaceutical manufacturing sector is undergoing a generational reshoring
wave: following supply chain disruptions during COVID-19, the BIOSECURE Act,
and active federal incentives for domestic drug manufacturing, pharmaceutical
companies are investing tens of billions of dollars in new US production
facilities — creating exceptional demand for specialized MEP contractors who
can build GMP-compliant cleanrooms, HVAC systems, process piping, and
electrical infrastructure to FDA standards. North Carolina's Research Triangle
(Raleigh-Durham-Chapel Hill), where SE&M of the Triangle operates, is one
of the top three pharmaceutical and biotech manufacturing corridors in the
United States.
ADVISORS
Financial
advisors were not publicly disclosed for the Everus-SE&M transaction. Given
the deal's all-cash structure and Everus's first-acquisition status, the
transaction was likely structured through Everus's corporate development team
with investment banking support on the sell-side for the founding SE&M
management team.