Energy Services of America acquires assets of Tribute Contracting & Consultants in $24m deal

Energy Services of America Corporation (NASDAQ: ESOA) has announced its latest expansion move with the acquisition of substantially all assets of Tribute Contracting & Consultants, LLC. The deal, structured under an Asset Purchase Agreement, amounts to $22 million in cash, with adjustments for any assumed debt and working capital, complemented by $2.0 million in Energy Services’ common stock. The acquisition is anticipated to close in early December.

Tribute Contracting & Consultants, founded in 2014 by Tom Enyart and Todd Harrah, specializes in underground utility services, focusing on water and wastewater system installations in Ohio, Kentucky, and West Virginia. Enyart and Harrah will continue their leadership roles under the newly formed subsidiary, Tribute Acquisition Company. They expressed enthusiasm for the partnership, highlighting future growth potential.

Douglas Reynolds, President of Energy Services, underscored the strategic importance of this acquisition, noting that it aligns with the company’s long-term plan to integrate familiar companies and strengthen its foothold in the water distribution sector. Reynolds remarked that adding Tribute to Energy Services’ portfolio bolsters their capabilities and geographical reach.

Energy Services of America Corporation, based in Huntington, West Virginia, serves clients across the mid-Atlantic and Central United States, providing a variety of services in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. The company maintains a workforce exceeding 1,000 employees.

This acquisition follows Energy Services’ strategic pattern of growth through mergers and acquisitions. Earlier this year, in July 2024, Energy Services’ subsidiary, Nitro Construction Services, acquired Heritage Painting, LLC. Heritage Painting, known for its industrial and commercial services, operates in West Virginia and nearby areas, offering expertise in painting, fabrication, and floor coatings, among other services.