EMCOR Group agrees to acquire P1 Construction, adding a century-old Midwestern mechanical and electrical contractor expected to do $600 million to $650 million of 2026 revenue

EMCOR Group (NYSE: EME) has entered into a definitive agreement to acquire P1 Construction (“P1”), a mechanical and electrical specialty contractor headquartered in Lenexa, Kansas, in an all-cash transaction funded from cash on hand. EMCOR announced the deal on November 13. Terms were not disclosed. P1 is expected to generate between $600 million and $650 million of revenue and approximately $60 million of adjusted EBITDA in 2026. CEO Bruce Belcher will stay in the role, the leadership team remains in place, and the company stays headquartered in Lenexa. The deal is expected to close in the first quarter of 2027, subject to customary conditions and regulatory approvals.

The asset.

Abraham David Jacobson founded A.D. Jacobson Company in Kansas City in 1919. In 1997 that firm was combined with Lawrence, Kansas-based Huxtable & Associates, founded in 1927, under a holding company; the group took the P1 Group name in 2001 after adding U.S. Electrical, and the five operating companies consolidated under a single P1 Group brand in 2007. The company later opened offices in Las Vegas and St. Joseph, Missouri, moved its headquarters to Lenexa in 2015, and in 2020 split into two businesses, P1 Construction and P1 Service. This agreement is for P1 Construction. Bruce Belcher became CEO in 2023.

P1 Construction’s own locations page lists offices in Lenexa, Lawrence, and Manhattan, Kansas, plus Kansas City and St. Joseph, Missouri, and Las Vegas. It is a single-source mechanical and electrical contractor with advanced fabrication capabilities, and the release highlights its work in engineering, preconstruction, virtual design and construction, and fabrication. P1 is primarily focused on the manufacturing and industrial and network and communications sectors, and it serves mission-critical facilities including hyperscale data centers, advanced manufacturing plants, and healthcare systems.

The platform.

EMCOR, based in Norwalk, Connecticut, is a Fortune 500, S&P 500 company and one of the largest mechanical and electrical construction and facilities-services contractors in the country. It reported $16.99 billion of revenue in 2025 across roughly 100 operating subsidiaries, organized into U.S. electrical construction, U.S. mechanical construction, U.S. building services, and U.S. industrial services. The U.S. mechanical construction and facilities services segment, which P1 will join, did $7.05 billion in 2025 and $6.87 billion in the first nine months of 2026, with recent growth concentrated in network and communications — especially data-center construction — as well as manufacturing and industrial work.

This is a scaled Midwestern add for that mechanical franchise, and a complement to the electrical side of the same strategy. In February 2025 EMCOR closed its acquisition of Jacksonville-based Miller Electric, a Southeastern electrical contractor, for $865 million in cash, the largest deal in the company’s history; Miller was expected to generate about $805 million of revenue and $80 million of adjusted EBITDA in 2024, and later added Daytona’s Giles Electric. EMCOR also bought nine other companies in 2025 for $182.1 million of upfront consideration, and it has been investing in virtual design and construction and prefabrication as a way to bid and execute complex work. Chairman, President, and CEO Tony Guzzi called P1 “an excellent fit,” pointing to its reputation “for delivering highly complex projects, including hyperscale data centers, advanced manufacturing facilities, healthcare systems, and other mission-critical infrastructure,” and to its engineering, preconstruction, VDC, and fabrication capabilities.

EMCOR is keeping the playbook it used on Miller: P1 keeps its leadership, its headquarters, and its name, and EMCOR is funding the purchase with cash on hand rather than stock or new debt.

What was disclosed, and what was not.

Unlike Installed Building Products’ $698 million purchase of Old Dominion Group, announced a day earlier, EMCOR did not print a price. The release gives a 2026 revenue range and an adjusted EBITDA figure but not the consideration, the multiple, or any synergy target. What is clear is the structure: all cash, funded from cash on hand, a close expected in the first quarter of 2027, and management staying in place under the same brand in Lenexa. That is consistent with how EMCOR has bought scaled contractors — pay cash, keep the local company and its leaders, and fold the work into an existing segment.

The M&A environment.

Two public strategics in two days have reached for scaled commercial contractors with exposure to data centers, manufacturing, and healthcare — IBP buying a mechanical insulation and firestopping group at a printed trailing multiple, EMCOR agreeing to buy a Midwestern mechanical and electrical contractor without naming a price. Private equity mechanical and electrical platforms have dominated many of the recent headlines, but the strategics have not left the field. EMCOR, already one of the largest buyers in the space and fresh off the largest deal in its history, is still adding companies of scale in the end markets where it has been growing fastest. For owners of commercial mechanical and electrical contractors, especially those with fabrication, virtual design and construction, and mission-critical work, that means a well-capitalized public buyer is still writing checks.

What it means.

P1 is a century-old, management-led Midwestern contractor expected to do more than $600 million of revenue, with a book aimed at the same mission-critical end markets that have been driving EMCOR’s growth. The terms owners can see without a price still matter: an all-cash bid from a public strategic, leaders staying in charge, the headquarters and brand remaining in place, and a close several months out for regulatory review. EMCOR has shown it will buy both platforms of scale, as it did with Miller Electric, and smaller add-ons around them. Owners of commercial mechanical and electrical firms in the Midwest — and in other markets where EMCOR is looking to deepen data-center, manufacturing, and healthcare work — should expect the phone to keep ringing.