Energy Services subsidiary acquires HVAC control systems company

NITRO, W.Va. - Energy Services of America Corporation (NASDAQ:ESOA), a $177 million market cap industrial services provider currently trading above its InvestingPro Fair Value, announced Tuesday that its subsidiary, Nitro Construction Services, has completed the acquisition of Rigney Digital Systems, a Hurricane, West Virginia-based HVAC control systems company.

Rigney Digital Systems, founded in 2000, specializes in designing, installing, and servicing HVAC control systems. Under the new ownership structure, Rigney will maintain its brand identity, staff, and client relationships while gaining access to Nitro Construction’s resources.

"This acquisition is a natural fit for Nitro Construction," said Douglas Reynolds, President and CEO of Energy Services. "Rigney Digital Systems’ HVAC control expertise complements our existing services and allows us to provide clients with smarter, more efficient building solutions." The acquisition comes as Energy Services maintains steady growth, with revenue reaching $385.59 million in the last twelve months, representing a 9.52% increase.

According to the company’s press release statement, Rigney Digital Systems will continue to operate as a distinct operation within Nitro Construction. The acquisition expands Nitro’s capabilities in building technology while preserving the Rigney brand, which has been operating in the region for 25 years.

Nitro Construction, based in Nitro, West Virginia, has provided industrial construction, fabrication, and maintenance services for over 60 years.

Energy Services of America, headquartered in Huntington, West Virginia, operates primarily in the mid-Atlantic and Central regions of the United States, providing services to customers in various industries including natural gas, petroleum, water distribution, automotive, chemical, and power sectors. The company employs more than 1,000 people and maintains a "GOOD" financial health score according to InvestingPro, which has identified 8 additional key investment factors for the company.

Financial terms of the acquisition were not disclosed in the announcement.

In other recent news, Energy Services of America Corporation has announced the acquisition of Rigney Digital Systems by its subsidiary, Nitro Construction Services. Rigney Digital Systems, based in Hurricane, West Virginia, specializes in HVAC control systems. The acquisition is structured as an asset purchase agreement, expanding Nitro Construction’s capabilities in designing, installing, and servicing HVAC control systems. This strategic move aligns with Energy Services of America’s efforts to enhance its service offerings. Founded in 2000, Rigney Digital Systems brings over two decades of experience to the table. The acquisition highlights Energy Services of America’s ongoing commitment to growth and diversification within the industry. These developments reflect the company’s strategic initiatives to strengthen its market position.

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