The acquisition is immediately accretive given SE&M's high EBITDA margins and low purchase multiple (~1.45x 2025 revenue). With pro forma net leverage at just 0.8x, Everus has significant capacity for follow-on acquisitions. Traders should watch for upward revisions to 2026 guidance during the upcoming earnings call and potential synergies from cross-selling into Everus' broader customer base.
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Executive Summary
Everus Construction Group (ECG) completed the acquisition of SE&M Constructors, SE&M of the Triangle, and SECO Rentals for $158 million in cash, expanding its mechanical services and footprint in the Southeast. The acquired company generated $109 million in revenue and high-teens EBITDA margins in 2025, with an additional earnout of up to 8% of the purchase price based on performance. Everus expects pro forma net leverage to remain low at 0.8x, preserving financial flexibility for future growth.
Key Facts
- Everus acquired SE&M Constructors, SE&M of the Triangle, and SECO Rentals for $158 million in cash, subject to closing adjustments.
- An additional earnout of up to 8% of the purchase price is possible based on post-acquisition performance targets.
- SE&M generated $109 million in revenue and high-teens EBITDA margins in 2025.
- The acquisition expands Everus' mechanical services capabilities and geographic presence in the Southeast, particularly in pharmaceutical and industrial end markets.
- Everus expects pro forma net leverage to be 0.8x after the acquisition, indicating strong financial flexibility.
- SE&M's leadership team, including CEO Zack Bynum and President Patrick Rogers, will remain with the company.
Financial Impact
Everus paid $158 million in cash for SE&M, which generated $109 million in revenue and high-teens EBITDA margins in 2025. The deal adds significant scale and margin accretion with minimal leverage impact (0.8x net leverage).
Risk Factors
- Integration risk of combining operations and cultures.
- Failure to achieve earnout targets could impact future cash flows.
- Concentration risk in the Southeast region and industrial/pharmaceutical end markets.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002015845-26-000023 |
| Exhibit: ex99-maxapril2026.htm | 0002015845-26-000023 |
| Document: 0002015845-26-000023-index-headers.html | 0002015845-26-000023 |
| Document: 0002015845-26-000023-index.html | 0002015845-26-000023 |
| Document: 0002015845-26-000023.txt | 0002015845-26-000023 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 9w ago | 8-K | $125.43 $115.73 | ▼ −7.73% | ▼ −10.72% | $123.35 (−1.66%) |
Apr 2, 2026 26w ago | 8-K | $123.88 $147.43 | ▲ +19.01% | ▲ +9.13% | $123.35 (−0.43%) |
Mar 27, 2026 27w ago | DEFA14A | $117.31 $140.25 | ▲ +19.55% | ▲ +6.81% | $123.35 (+5.15%) |
Feb 28, 2026 30w ago | Institutional Cluster | $119.30 $111.33 | ▼ −6.68% | ▲ +1.26% | $123.35 (+3.39%) |
Feb 24, 2026 31w ago | 8-K | $130.10 $123.29 | ▼ −5.23% | ▲ +0.00% | $123.35 (−5.19%) |
US Market Status
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