Solaris Energy Infrastructure just bought Omega Foundation Services, bringing heavy civil EPC work in-house as it builds out full-cycle power infrastructure.
The Houston-based company (NYSE: SEI) announced the acquisition September 2. Omega brings specialized engineering, procurement, and construction expertise in heavy civil work, layering onto Solaris's existing site services, plant installation and commissioning, and substation development.
Show Me the Money
The deal isn't small change:
$101 million in net cash
$28 million in debt and lease assumption
Roughly 3.6 million Class A Solaris shares issued
Solaris expects the deal to be immediately accretive to earnings and free cash flow per share.
One Company, Every Phase
Before this, Solaris handled power generation, distribution, and site services. Now it can also self-perform the heavy civil construction underneath data centers, LNG facilities, and industrial and government projects.
That's fewer handoffs between contractors on any given job, and more of the project living under one roof.
Co-CEOs Bill Zartler and Amanda Brock aren't new to the Omega team. They've worked alongside them for two years across multiple locations, and say they see real room to grow the combined company.
They also confirmed this isn't a one-off. Solaris says it's working with customers on long-term contracted power deals and plans to announce more business expansions in the coming months.
One acquisition down. By the sound of it, not the last.
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