Quanta Services Inc., a Houston-based infrastructure company, has acquired Farmington’s Phalcon Ltd., the parent of McPhee Electric and several other contractors that have worked on hospitals, college campuses and power projects across Connecticut.
Quanta disclosed the deal Thursday morning in its second-quarter earnings report. It did not say what it paid for Phalcon alone.
Phalcon was one of four businesses Quanta has bought since April, along with an Ohio fabrication and mechanical contractor, a Texas land and surveying firm and an Australian equipment manufacturer. Together, the four carried an upfront price of roughly $1.24 billion, split between about $1.07 billion in cash and about $173.3 million in Quanta stock.
Phalcon is a holding company, operating under the names of the operating companies it owns: McPhee Electric, Ravex Systems, Harlan Electric, PowerHawke and J.E. Richards.
Those companies have worked on jobs across the state.
McPhee Electric handled electrical work at Hartford Hospital’s Bone & Joint Institute and installed the audio and video systems, scoreboards and game clocks at UConn’s Toscano Family Ice Forum, according to company project descriptions. It also did generator and electrical distribution work at the Loomis Chaffee School in Windsor.
Ravex Systems has been a major electrical contractor on hydrogen fuel cell installations, a sector with deep Connecticut roots, and says it has completed more than 1 gigawatt of fuel cell work. The company also lists UConn’s LED lighting upgrades and Bristol Hospital’s behavioral health facility among its projects.
Phalcon is headquartered at 505 Main St. in Farmington and also has offices in Massachusetts, New Jersey and New York.
Phalcon was formed in 2006 by Michael McPhee and two partners to buy back McPhee Electric and several sister firms from Xcelecom, the construction arm of New Haven’s UIL Holdings Corp. — then the parent of United Illuminating, according to news reports at the time.
Quanta described Phalcon as a regional leader in electrical services with an operating history dating to 1983, roughly 4,100 employees and more than 400,000 square feet of fabrication space.
Quanta said the deal extends its reach across the Northeast and Mid-Atlantic and into the data center market.
The Houston company reported $9.56 billion in second-quarter revenue, up from $6.77 billion a year earlier, and raised its full-year forecast to as much as $39.7 billion. It expects the four newly acquired businesses to add $1.2 billion to $1.4 billion in revenue this year.
Quanta did not say what will happen to Phalcon’s Farmington headquarters, its brands or its workforce.
