Houlihan Lokey Advises P1 Construction

Houlihan Lokey is pleased to announce that P1 Construction, LLC (P1), a leading mechanical and electrical contractor serving high-growth areas across the Midwestern U.S., has entered into a definitive agreement to be acquired by EMCOR Group, Inc. (EMCOR) (NYSE:EME). The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the first quarter of 2027.

Founded in 1919 and headquartered in Lenexa, Kansas, P1 is a single-source mechanical and electrical specialty contractor with advanced fabrication capabilities serving a broad range of end markets. The company offers a comprehensive suite of mission-critical services, providing integrated mechanical, electrical, fabrication, and specialty solutions for existing and new facility infrastructure to blue-chip commercial and industrial customers.

EMCOR Group, Inc. (NYSE:EME) is a Fortune 500 company and one of the largest specialty contractors in the United States, providing electrical and mechanical construction, industrial and energy infrastructure, and building services. Headquartered in Norwalk, Connecticut, EMCOR serves commercial, technology, manufacturing, healthcare, utility, and institutional customers, with a particular emphasis on data center and high-tech manufacturing projects. EMCOR has about 44,000 employees and generated revenues of approximately $17.0 billion for the fiscal year ended December 31, 2025.

“P1 is an excellent fit for EMCOR, combining a long-standing record of performance and culture of construction innovation with a steadfast commitment to safety, quality and operational excellence,” said Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR. “P1 has built a strong reputation for delivering highly complex projects, including hyperscale data centers, advanced manufacturing facilities, healthcare systems and other mission-critical infrastructure. P1’s talented teams and expertise in engineering, preconstruction, virtual design and construction and fabrication will further strengthen EMCOR’s ability to tackle increasingly complex projects and support our customers across critical end markets.”

“For over a century, P1 has been driven by a clear purpose: safely and reliably delivering for our customers and the communities we serve,” said Bruce Belcher, Chief Executive Officer of P1. “Becoming part of EMCOR marks an exciting new chapter for our company and our people. EMCOR’s scaled resources and expanded capabilities will create new opportunities for our employees and enable us to better serve our customers. We are proud to join an organization that shares our commitment to integrity, investing in our people and delivering excellence on every project.”

Houlihan Lokey served as the exclusive financial advisor to P1. This marquee transaction underscores Houlihan Lokey’s continued leadership in engineering and construction M&A, including deep expertise and continued success in mechanical, electrical, and plumbing subsectors. This transaction also represents Houlihan Lokey’s long-standing history of serving some of the most prominent family-owned businesses through their ownership transitions.

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