Everus to Buy Epsilon Industries in $295 Million Cash Deal
The acquisition pushes Everus deeper into off-site modular construction and opens priority markets in Florida, Texas, the Mid-Atlantic and the Northeast.
Everus Construction Group (ECG) agreed to acquire Epsilon Industries for $295 million in an all-cash transaction. The deal is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions.
The acquisition meaningfully enhances Everus' off-site modular construction offerings and expands its geographic footprint into priority markets including Florida, Texas, the Mid-Atlantic and the Northeast. It also diversifies Everus' end-market exposure into data center, advanced manufacturing and healthcare work.
"Epsilon has a strong legacy of innovation and execution in off-site construction services, and the addition of their team will expand our capabilities as we continue to deepen our focus on modular construction and prefabrication across our operations to meet customers' growing demand," said Jeffrey S. Thiede, president and CEO of Everus.
The deal continues a pattern Everus has followed since its 2024 spinoff, when it described inorganic growth as central to its strategy, noting a pipeline of accretive M&A opportunities built on customer relationships and a preference for companies with strong safety records and complementary end-market expertise. Everus has completed more than 25 acquisitions over 27 years and ranks as the 10th-largest specialty contractor in the United States.
The Epsilon purchase follows Everus' acquisition of SE&M Constructors for $158 million in April 2026, a deal that added mechanical, electrical and plumbing capabilities and deepened the company's exposure to pharmaceutical and industrial manufacturing customers in the Southeast. That transaction, funded with cash on hand, came with an earnout tied to post-acquisition performance and helped push Everus to raise its 2026 revenue and EBITDA guidance to $4.3 billion to $4.4 billion and $345 million to $360 million, respectively. Epsilon extends the same playbook into modular construction and new geographies rather than mechanical services.
Everus reported pro forma net leverage of 0.8x following the SE&M deal and retained ample financial flexibility to pursue further acquisitions alongside organic investment. The company has not disclosed specific synergy targets for the Epsilon transaction, but its recent deals have emphasized limited customer overlap and complementary service offerings as sources of commercial upside.