Energy Services of America (Nasdaq: ESOA) has agreed to buy substantially all of the operating assets of FAMCO, Inc., a West Virginia utility contractor focused primarily on water and sewer infrastructure. The base purchase price is $6.95 million.
A new subsidiary, FAMCO Acquisition, Inc., will make the purchase. Closing is anticipated on or about October 9, 2026, subject to conditions being met or waived and other circumstances.
Splitting the Check:
Three-eighths in cash at closing
One-half in Energy Services stock, issued as soon as possible after closing
One-eighth withheld pending a post-closing true-up
Adjustments and other terms in the agreement also apply. It's a payment plan in fractions any tape measure would recognize.
What's on FAMCO's Résumé: The release describes FAMCO as having an experienced workforce, an equipment fleet, customer relationships and a contract backlog in water and sewer infrastructure.
President Douglas Reynolds said FAMCO brings "experienced people, equipment and customer relationships that complement our existing operations."
Close to Home: Both companies call West Virginia home. Energy Services is based in Huntington and employs 1,400+ people on a regular basis.
Its customers span natural gas, petroleum, water distribution, automotive, chemical and power. With water distribution already on that list, FAMCO's work sits alongside a business line Energy Services already serves.
Keep an eye on the October 9 target. Until closing, this deal is staked out but not yet dug.
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