Who is buying electrical contracting businesses: public contractors, PE platforms and individual buyers

Part of the Electrical guide: buying, selling, valuation and who is buying.

If you own an electrical contracting company, or want to buy one, you need to know who else is at the table. This guide names the public companies and private equity firms that have bought electrical contractors, links to their own announcements, and explains what each kind of buyer wants. At the end you will know which buyer fits which kind of shop.

Who is buying electrical contracting businesses right now?

Three groups are buying. Each one shops in a different size range.

1. Public contractors (strategic buyers). EMCOR, Quanta Services, MYR Group, Comfort Systems USA and IES Holdings. They buy large commercial and industrial firms, often with hundreds of millions in revenue.
2. Private equity platforms. A fund buys one electrical firm as a base, then adds smaller shops to it. These buyers look at mid-sized and smaller companies.
3. Individual buyers. First-time owners, search funds and small investor groups. They usually buy smaller residential, service and light commercial shops with an SBA loan and a seller note.

The table shows recent deals by the public buyers, using only what each company disclosed.

Each row comes from the buyer's own release, except Comfort Systems, which comes from a Yahoo Finance report. The sources are listed below.

Why are public contractors buying electrical firms?

They want more electricians in fast-growing markets. Data centers, factories and hospitals need a lot of complex electrical work. Buying a firm with trained crews is faster than hiring them one by one.

EMCOR said in its Miller Electric announcement that the deal adds electrical services in data centers, manufacturing and healthcare. It also noted that about 90% of Miller Electric's revenue came from Florida and the Southeast, where EMCOR had little electrical presence. That is a common reason to buy: a new region, with crews already in place.

Quanta said in its Cupertino Electric release that it wanted to build a full electrical offering for technology and renewable energy clients. MYR Group said in its 8-K exhibit for Valley Electric that the deal should strengthen its commercial and industrial segment and widen its geographic reach.

What did the big public buyers pay?

The prices are public because these buyers are listed companies. Here is what each release says.

EMCOR and Miller Electric. EMCOR agreed to pay $865 million in cash. It expected Miller Electric to earn about $80 million in adjusted EBITDA in 2024. Miller had more than 3,500 workers and 21 branches. EMCOR's later release says the deal closed in February 2025.

Quanta and Cupertino Electric. Quanta paid about $1.5 billion at closing. It estimated Cupertino's 2024 adjusted EBITDA at $155 million to $175 million.

MYR Group and Valley Electric. MYR agreed to pay about $328.0 million, funded with cash and its credit line. The seller was Prospect Capital Corporation, an investment firm. MYR expected to close around July 1, 2026.

If you divide price by EBITDA, EMCOR paid roughly 10.8 times. Quanta paid roughly 8.6 to 9.7 times. Do not apply those numbers to a small shop. These were large firms with thousands of workers, long client lists and strong managers. Small contractors sell on a different scale. Our electrical hub page covers what smaller firms are worth.

Which private equity firms are buying electrical contractors?

Private equity firms also buy electrical contractors. The model is simple. A fund buys a "platform" company, then buys smaller "add-ons" and joins them under one name. A bigger, more professional company can later sell for more.

Some recent examples:

• Blackford Capital bought E.G. Middleton, a mechanical, electrical and plumbing contractor. We wrote a full deal report on that purchase.
• Broad Sky Partners, a New York private equity firm, bought Commonwealth Electrical Technologies, an electrical contractor in Worcester, Massachusetts.
• Evolution Strategy Partners, based in Austin, bought Amped Electric, which serves the Charleston and Myrtle Beach areas of South Carolina.
• MFG Partners invested in Regency Electric in November 2025.

The last three come from the PrivSource deal tracker for PE-backed electrical deals. Check the buyer's own release before you rely on any detail.

The MYR deal shows the other side of the cycle. An investment firm owned Valley Electric, then sold it to a public contractor. Many PE platforms are built to be sold to a strategic buyer one day.

Who buys small residential and service electrical shops?

Below the size that interests public companies, the buyers are different. Many small shops sell to individuals who want to own and run a business. They usually pay with an SBA 7(a) loan, a seller note and some of their own cash.

Home services platforms also buy here. Some groups that started in HVAC or plumbing add electrical, so one truck brand can sell more services to the same homeowners. Our post on who is buying HVAC businesses covers several of those groups.

The big issue for small deals is the licence. In most states, electrical work must run under a licensed master electrician or contractor. If the owner holds that licence, the buyer needs a plan to replace it. Check your state's electrical licensing board early, and talk to a lawyer about how the licence moves in the deal.

What does each type of buyer look for?

Each buyer values different things. Knowing this helps an owner present the business well.

Across all four, a few things raise the price. Service and maintenance work that repeats is worth more than one-off projects. A spread of customers is worth more than one big general contractor. A business that runs without the owner is worth more than one that stops when the owner goes on holiday.

How does an owner pick the right buyer?

Start with size and with what you want after the sale. A strategic buyer may pay well and take over fully. A PE buyer may ask you to keep a share of the company and stay on for a few years. Our guide to strategic vs financial buyers explains the trade-off.

Price is not the only number. Look at how much is paid in cash at closing, how much is tied to an earn-out, and how much is rollover equity. Ask what happens to your staff and your name.

Tax matters too. An asset sale and a stock sale can leave you with very different amounts after tax. Talk to a CPA and a lawyer before you sign a letter of intent.

In over ten years of advising buyers and sellers, I have seen many owners talk to only one buyer and take the first offer. You learn more when several buyers look at the same business. If you want help thinking it through, book a free call.

How can an individual buyer compete with PE and public companies?

Most individual buyers should not try to outbid a public contractor. Shop where they do not. Smaller residential and service shops are often too small for the big buyers, and that is where an SBA buyer can win.

Speed and fit help. Sellers of small shops often care about their staff and customers as much as the price. A buyer who keeps the team and the name can win a deal without the highest offer.

Deal flow matters most. At Acquisitions.com our AI scans 15+ business-for-sale marketplaces every day and adds off-market deals from advisors and brokers. If you want to buy an electrical contractor, see how we help buyers find and close deals.