Subsequent Event

6 Months Ended

Jun. 30, 2019

14. Subsequent Event

On July 15, 2019, the Company completed the acquisition of substantially all the assets of CSI Electrical Contractors, Inc. (“CSI”), an electrical contracting firm based in California. CSI will provide services to a broad array of end markets under the Company’s C&I segment. The total consideration paid was approximately

$79.7

million, subject to working capital and net asset adjustments, entirely funded through borrowings under the Facility. Additionally, there could be contingent payments based on the achievement of certain performance targets and continued employment of certain key executives of CSI. The costs associated with these contingent payments will be recognized as compensation expense in the consolidated statements of operations and comprehensive income as earned over the period achievement becomes probable. The results of CSI will be included in the Company’s consolidated financial statements beginning on the transaction date. Approximately

$0.3

million of acquisition-related costs associated with this acquisition were expensed by the Company in the six months ended June 30, 2019. Due to the timing of the acquisition, the pro forma results of operations that include the impact of CSI will be provided by September 30, 2019, in an amendment to the Form 8-K filed by the Company on July 15, 2019.