Business Wire·Apr 2, 2026, 8:15 AM ET

Everus Acquires SE&M, Leading Contractor in Southeast Region

ECG

Everus Construction Group (NYSE: ECG) acquired SE&M Constructors, SE&M of the Triangle, & SECO Rentals (collectively SE&M) for $158 million, subject to closing adjustments.
The transaction was funded using cash on hand & includes a potential earnout of up to 8% of the purchase price based on post-acquisition performance targets.
SE&M, founded in 1923 & headquartered in Elm City, North Carolina, provides mechanical, electrical, & plumbing services primarily to pharmaceutical, industrial, & healthcare sectors.
Approximately 65% of SE&M's revenue comes from mechanical services, while 60% of total revenue is generated from pharmaceutical & healthcare end markets.
The acquisition expands Everus' geographic footprint in the Southeast region & enhances its capabilities in complex industrial construction with strict quality control.
SE&M generated $109 million in revenue in 2025 with EBITDA margins in the high teens & capital spending of less than 1% of revenue.
SE&M's revenue model includes a strong recurring base from maintenance & retrofit activities, providing consistent cash flow & deep customer relationships.
Everus expects pro forma net leverage of 0.8x following the acquisition, maintaining financial flexibility for future organic growth & strategic acquisitions.
Key SE&M leadership, including CEO Zack Bynum, President Patrick Rogers, & CFO Alex Bynum, will remain with the company post-transaction.
FMI Capital Advisors served as the exclusive financial advisor to SE&M on this transaction.
Everus plans to update its 2026 financial forecast during its first quarter earnings report to reflect the combined entity.
The deal creates commercial synergies through limited customer overlap & allows Everus to pursue data center opportunities in the Southeast using SE&M's expertise.
SE&M maintains a robust backlog driven by strong end-market demand & favorable capital spending trends in the Southeast region.