Energy Services of America Corporation announced on October 31, 2024, that it has entered into an Asset Purchase Agreement to acquire Tribute Contracting & Consultants, LLC. Tribute is an underground utility contractor specializing in water and wastewater system installations across Ohio, Kentucky, and West Virginia.
The acquisition price is $22 million in cash, subject to any assumed debt and working capital adjustments, and $2.0 million of Energy Services' common stock. The transaction is expected to close in early December, with Tribute's founders, Tom Enyart and Todd Harrah, continuing in their roles under the new subsidiary.
This strategic acquisition aligns with Energy Services' stated goal of enhancing its presence in the water distribution category. The move represents a deliberate effort to grow this segment and capture opportunities in adjacent infrastructure markets.
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