EMCOR-owned Miller Electric to acquire Daytona's Giles Electric — first add-on since EMCOR's $865M deal

The announcement: Miller Electric to acquire Giles Electric of Daytona Beach

On June 10, 2026, Jacksonville-based Miller Electric Co. announced it has entered into an agreement to acquire the assets of Daytona Beach-based Giles Electric Co., expanding its presence in Central Florida. The transaction is expected to close in June 2026 subject to customary closing conditions. Terms were not disclosed.

Giles has served commercial and institutional clients for more than 55 years. Upon close, Giles Electric will operate as the Daytona Beach area business unit of Miller Electric, retaining its name, brand, leadership team, and Daytona Beach location. Brad Giles will serve as senior director of Miller Electric's Daytona area business unit. No relocation of operations or elimination of positions is planned.

Miller CEO Henry Brown said Giles “has built a legacy of delivering high-quality electrical solutions and maintaining strong, long-standing client relationships,” and that its service-first mindset and reputation for excellence align with Miller's values and operating philosophy.

For Miller, this is the first publicly announced regional add-on since the company itself was acquired by EMCOR Group in early 2025 — and that earlier transaction is the more consequential data point for owners of commercial electrical businesses thinking about valuation, deal structure, and the current buyer universe.

The 2025 transaction: EMCOR acquires Miller Electric for $865M

On January 14, 2025, EMCOR Group, Inc. (NYSE: EME) announced a definitive agreement to acquire Miller Electric Company for $865 million in cash, subject to customary adjustments. The transaction closed on February 3, 2025, funded entirely with cash on hand. Both boards approved the deal unanimously, and Hart-Scott-Rodino approval was already in place at announcement — an unusually clean and fast path from signing to close.

The headline financials disclosed by EMCOR at signing:

Purchase price: $865 million in cash, subject to customary adjustments.

Miller Electric expected calendar year 2024 revenue: approximately $805 million.

Miller Electric expected calendar year 2024 Adjusted EBITDA: approximately $80 million.

Implied EV/Revenue: approximately 1.07x.

Implied EV/Adjusted EBITDA: approximately 10.8x.

Implied EBITDA margin: approximately 9.9%.

Remaining performance obligations (Nov 2024): $755 million.

Revenue concentration: approximately 90% from Florida and the broader Southeastern U.S.

Accretion guidance: modestly accretive to EMCOR's earnings per share in 2025, with further accretion in subsequent years.

Workforce and footprint: roughly 3,500 employees across 21 branch locations.

Advisors: Evercore (financial) and Ropes & Gray LLP (legal) for EMCOR; Stephens (financial) and Driver, McAfee, Hawthorne & Diebenow PLLC (legal) for Miller Electric.

Why the 10.8x EBITDA multiple matters

A 10.8x trailing-EBITDA multiple for a non-residential electrical contractor sits in the upper end of the public-strategic premium range historically observed for specialty trade businesses. For context, mid-market private equity transactions in commercial electrical have generally cleared in the 6.0x to 9.0x range over the past several years — with deal-specific premiums for scale, end-market mix, backlog visibility, and customer concentration. EMCOR's willingness to underwrite roughly 10.8x for Miller reflects a combination of factors that are worth being specific about:

End-market mix. Miller's exposure to data centers, manufacturing, and healthcare — three of the most resilient and structurally growing categories in non-residential construction — supports a premium that a more cyclical mix (e.g., heavy retail or office buildout) would not. Data center construction in particular has been the single largest tailwind for commercial electrical contractors over the past 24 months, driven by hyperscaler capex and AI infrastructure buildout.

Backlog and revenue visibility. $755 million in remaining performance obligations against approximately $805 million in expected 2024 revenue is meaningful backlog coverage and gives the buyer underwriting confidence that prospective EBITDA does not depend heavily on net new sales.

Strategic vs. financial buyer dynamics. EMCOR is a strategic acquirer with public-company access to capital, scale-economy synergies, and a stated platform thesis (“local execution, national reach”). Strategics paying premiums to financial sponsors is not new — but the gap is increasingly visible in commercial electrical, where public mechanical/electrical platforms (EMCOR, Comfort Systems USA, API Group, Limbach, and others) have been actively competing with PE-backed roll-ups for the same scale assets.

Geographic concentration as a feature. Approximately 90% Florida and Southeast revenue could read as concentration risk, but in this case it was an attractor. The Southeastern U.S. has been one of the strongest non-residential construction markets in the country, driven by population migration, industrial reshoring, and data center capex concentration in Virginia, Georgia, and the Carolinas. Miller's regional density was a feature, not a bug.

What this signals for commercial electrical M&A

The EMCOR-Miller deal, and the post-close cadence of regional add-ons like Giles, point to several observations about the current commercial HVAC, plumbing, and electrical M&A environment that are directly relevant to independent owners.

First, multiples have re-rated meaningfully at the larger end of the market. Commercial electrical platforms with $50M+ of EBITDA, durable end-market exposure (data centers, mission-critical, healthcare, industrial), and clean backlog can plausibly attract double-digit EBITDA multiples from strategic buyers. That is materially higher than where similar businesses traded five years ago and shifts the calculus for owners who have historically modeled exits at 7-8x EBITDA.

Second, the platforms are now competing across the size spectrum. EMCOR's Miller acquisition is a $865M transaction, but Miller's own Giles add-on is functionally a sub-scale tuck-in — the kind of regional electrical contractor that PE-backed platforms and family offices have historically pursued. With Miller now operating under EMCOR with public-company capital and a national-reach playbook, the buyer universe for regional commercial electrical owners in Florida and the Southeast just expanded to include a new and well-capitalized acquirer.

Third, deal structure preferences continue to favor founder and management continuity. The Giles transaction preserves the brand, leadership team, and location — with Brad Giles taking a senior director role in Miller's Daytona business unit. The pattern is consistent across the trades: strategic and PE buyers alike are paying for brand equity, local relationships, and operational continuity, and they are increasingly willing to leave them intact post-close.

Fourth, the gap between commercial and residential trades M&A continues to widen. Residential HVAC, plumbing, and electrical platforms (largely PE-backed roll-ups of $1M to $20M EBITDA businesses) clear at one set of multiples; non-residential and commercial electrical at scale clears at a meaningfully different set. Owners of commercial-focused businesses with industrial, data center, or healthcare exposure should be benchmarking against the EMCOR-Miller comp rather than against residential HVAC comparables — the two markets price very differently.