WDF Services Corp. and Five Star Electric Corp. have merged to form GreenStar Services Corp., a national provider of mechanical, electrical and specialty contractors. WDF had been a portfolio company of Eos Partners, which will invest an undisclosed amount of new capital in the merged company.
WDF Services Corp. and Five Star Electric Corp. recently merged to create GreenStar Services Corporation, one of the nations leading mechanical, electrical and specialty contractors with backlog exceeding $1.1 billion. By establishing a single source MEP (Mechanical, Electrical and Plumbing) service provider, GreenStar, through its three operating subsidiaries, is now better positioned to fully capitalize on the unprecedented growth of complex infrastructure and environmental projects in the markets in which it operates.
Gary Segal, President and CEO of Five Star, stated, “This merger will strengthen our ability to capitalize on the significant pipeline of large projects currently out for bid. We will now be able to offer our clients a complete MEP package at a competitive price, if they so choose, with the ability to provide and manage the massive coordination effort required for the various trades in a manner that is most efficient for projects and in the best interest of our clients.”
Five Star, a subsidiary of GreenStar, is the largest unionized electrical contractor in the
WDF, a subsidiary of GreenStar, is one of New York's leading unionized construction services providers specializing in large scale complex mechanical and specialty construction projects primarily in the municipal, education, environmental, and commercial markets. Selected WDF projects include the Time Warner Center, Mayflower Condominiums at 15 Central Park West, the new Goldman Sachs World Headquarters in Battery Park City, Bellevue Hospital, work at over eighty-five public schools in New York City and eight different Department of Environmental Protection waste and freshwater treatment sites. New York Construction magazine recently ranked WDF as New York's second largest specialty contractor. Joseph M. LoCurto, former President of Slattery Skanska, recently joined WDF as President and Chief Operating Officer.
Nagelbush Mechanical, a subsidiary of GreenStar, is the leading unionized mechanical and plumbing contractor in South Florida. Current projects include the sixty nine story Marquis, the nine hundred unit Everglades residential complex as well as the Ft. Lauderdale and Miami Central Rental Car Facilities. Richard A. Smith serves as the President and Chief Operating Officer of Nagelbush.
“There is an estimated $5+ billion in mechanical and electrical contracting opportunities coming out for bid in GreenStar's existing markets in the next twenty four months. Many competitors do not have the resources, back office infrastructure or management talent to handle this unprecedented pipeline of activity. We can offer to our clients significant savings by combining the MEP trades for many of our bids” added Lawrence P. Roman, CEO of WDF. It has been reported that construction spending by government, businesses and institutions in GreenStar's core geographical markets is projected to reach $83 billion in the next several years.
“GreenStar has established an unmatched platform of management and unionized employee talent and is now fully positioned to take advantage of the exceptional growth of large scale complex infrastructure related projects in our current markets” said Stephen H. Kornfeld, Chairman and Chief Executive Officer of GreenStar.
As part of the merger, Eos Partners, a New York-based private investment firm with over $3.0 billion under management, has further invested into the Company to facilitate the merger and to position GreenStar for the unprecedented level of construction activity.
ABOUT GREENSTAR SERVICES
GreenStar is a New York City headquartered construction services provider specializing in large-scale complex mechanical, electrical and specialty construction projects. The Company's primary projects are in the municipal, environmental, education, healthcare, commercial and high-rise residential markets in the New York City and South Florida metropolitan areas. GreenStar, with backlog exceeding $1.1 billion, is comprised of three operating entities; WDF, Five Star Electric and Nagelbush Mechanical.
ABOUT EOS PARTNERS
Eos Partners is a private investment partnership based in New York, NY with over $3.0 billion under management. For more information, please visit www.eospartners.com