Eos Partners Invests in the Merger of WDF and Nagelbush, Creating WDF Services Corporation, a Leading Mechanical and Specialty Contractor
Business Wire, August 27, 2007
NEW YORK -- WDF, Inc. and Nagelbush Mechanical, Inc. recently merged to create WDF Services Corporation ("WDF Services" or the "Company"), one of the nations leading mechanical and specialty contractors with a backlog exceeding $550 million. As part of the merger, Eos Partners, a New York-based private investment firm with over $2.5 billion under management, has invested growth equity into WDF Services to further capitalize the two independent operating businesses (WDF, Inc. and Nagelbush Mechanical, Inc.) so as to position the Company to pursue significant growth opportunities, both organically and through selective strategic acquisitions.
"WDF is now well positioned to take advantage of the exceptional growth of complex, large-scale infrastructure and environmental projects in the Company's current and future markets across major metropolitan areas in the U.S.," said Stephen H. Kornfeld, Chairman and Chief Executive Officer of WDF Services and Chief Executive Officer of Nagelbush Mechanical, Inc. "There is an estimated $4+ billion in mechanical contracting opportunities coming out for bid in the Company's existing markets in the next 24 months. Many competitors do not have the scale, back office infrastructure, management talent or bonding capacity to handle the unprecedented pipeline of activity," added Lawrence P. Roman, President and Chief Operating Officer of WDF Services and Chief Executive Officer of WDF, Inc.
As part of the formation of WDF Services, Joseph M. LoCurto has joined WDF, Inc. as President and Chief Operating Officer. Mr. LoCurto was formerly the President of Slattery/Skanska and has been a fixture in the New York construction industry for 40 years. He is regarded as one of the foremost experts in environmental construction as well as all aspects of plumbing, HVAC and specialty construction.
This month, New York Construction magazine ranked WDF, Inc. as New York's second largest specialty contractors behind EMCOR.
Selected WDF, Inc. projects include: Time Warner Center, Mayflower (15 Central Park West), Goldman Sachs headquarters, Bellevue Hospital, over 85 public schools in New York City and 8 different Department of Environmental Protection sites. Selected Nagelbush Mechanical, Inc. projects include: the 69 story Marquis project, Everglades residential complex and the Ft. Lauderdale Terminal and Central Car Facility.
ABOUT WDF SERVICES CORPORATION
WDF Services was formed in June 2007 to serve as a holding company of its operating business lines, WDF, Inc. and Nagelbush Mechanical, Inc. Mr. Kornfeld serves at the Chairman & Chief Executive Officer and Mr. Roman serves as the President and Chief Operating Officer of WDF Services. WDF Inc. is a New York City based construction services provider specializing in large-scale complex mechanical and specialty construction projects primarily in the municipal, public works, environmental, industrial and commercial markets in the New York City area. Mr. Roman serves as the Chief Executive Officer and Mr. LoCurto serves as the President and Chief Operating Officer of WDF, Inc. Nagelbush Mechanical, Inc. is a Florida based construction services provider specializing in large-scale mechanical construction projects primarily in commercial and residential markets in Florida. Mr. Kornfeld serves as the Chief Executive Officer and Richard A. Smith serves as the President and Chief Operating Officer of Nagelbush Mechanical, Inc.
ABOUT EOS PARTNERS
Eos Partners is a private investment partnership based in New York, NY with over $2.5 billion under management. For more information, please visit www.eospartners.com
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