Everus Expands Modular Footprint With $295 Million Epsilon Deal
The acquisition target is expected to generate about $250 million in 2026 revenue.
Everus Construction Group (ECG), a specialty construction-services company, agreed to acquire Epsilon Industries for $295 million, expanding its modular mechanical and electrical capabilities across North America.
The transaction marked a step up from Everus’s $158 million acquisition of SE&M, which closed in the second quarter. Epsilon adds off-site modular infrastructure and exposure to data centers, advanced manufacturing and healthcare, while SE&M primarily broadened the company’s mechanical, electrical and plumbing services in pharmaceutical, industrial and healthcare markets in the Southeast.
Epsilon is expected to contribute roughly $250 million of revenue in 2026, compared with the $109 million of 2025 revenue for SE&M. Its expected EBITDA margin is in the low double digits, below SE&M’s high-teens margin.
The deal also widened Everus’s geographic reach. Epsilon adds modular-construction capacity across the U.S. and Canada, with priority exposure in Florida, Texas, the Mid-Atlantic and Northeast, following the Southeast expansion delivered by SE&M.
Everus planned to fund the acquisition with cash on hand and borrowings under its credit facility. The company financed SE&M entirely with cash on hand.
Epsilon is expected to close in the third quarter and be cash accretive, supported by a significant backlog. Everus deferred another update to its 2026 forecast until after the closing.
The company’s current guidance, raised in May after the SE&M acquisition, calls for 2026 revenue of $4.3 billion to $4.4 billion and EBITDA of $345 million to $360 million. The delayed update left Epsilon’s impact outside that forecast until the transaction closes.