Everus Construction Group acquires SE&M Constructors

Everus Construction Group has acquired SE&M Constructors and its related entities for $158 million, in a move that enhances Everus's capability in mechanical services and extends its footprint in the U.S. Southeast. This acquisition solidifies Everus's strategic focus on expanding its presence in key industrial sectors, including pharmaceuticals and healthcare.

SE&M Constructors, a North Carolina-based firm founded in 1923, brings a workforce of over 200 skilled craft workers and generates around 65% of its revenue from mechanical services. The company has been serving pharmaceutical, industrial, and healthcare markets, reporting $109 million in revenue in 2025 with robust EBITDA margins in the high teens. The acquisition is funded by Everus's existing cash reserves and includes an earnout provision of up to 8% of the purchase price contingent on performance milestones.

The integration of SE&M into Everus is intended to bolster Everus’s market position by leveraging SE&M’s maintenance and retrofit service capabilities, which provide recurring revenue streams. This aligns with Everus’s strategy of enhancing its access to high-growth markets, particularly those tied to capital spending in industrial, infrastructure, and healthcare sectors in the Southeast. The acquisition will enable commercial synergies by aligning SE&M’s operational expertise with Everus's broader portfolio, introducing potential opportunities in data center construction — a sector with which SE&M has limited prior engagement.

This transaction comes in the context of a Southeast market that is witnessing increased demand in industrial and infrastructure sectors. Everus's decision to acquire SE&M follows strategic acquisition criteria that focus on enhancing service capabilities, expanding geographic reach, and deepening end-market exposure. Post-acquisition, the combined entity will maintain a low leverage profile with pro forma net leverage of approximately 0.8x, indicating financial stability and room for further strategic initiatives.

The leadership of SE&M, including CEO Zack Bynum, will stay on, ensuring continuity in operations and client relationships. The management continuity, coupled with Everus's resources, positions SE&M to build on its legacy while contributing to Everus's growth objectives. At this stage, the deal does not face material regulatory hurdles, allowing Everus to focus on integration and execution of its growth strategy.