MYR Group Inc.

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MYR Group Inc.
TypePublic
Nasdaq: MYRG
Founded1995
HeadquartersHenderson, Colorado
RevenueIncrease$2.247 billion USD (2020)[1]
Number of employees
7,200
Websitemyrgroup.com

MYR Group Inc. is an American corporation that offers electrical construction services for transmission and distribution lines, substations, commercial and industrial buildings, and renewable energy. It is the parent company to 11 subsidiary electrical construction companies.

MYR Group currently has approximately 7,200 employees and achieved revenue of $2.247 billion in 2020. It is publicly traded on Nasdaq under the stock symbol MYRG. Its headquarters are in Henderson, Colorado.

Current leadership[]

Richard S. Swartz was appointed President and Chief Executive Officer in January 2017.[2] Since taking over as CEO, the company has more than doubled its annual revenue.[3]

Swartz replaced William A. Koertner, who had been president and CEO since 2003.[4]

MYR Group's executive officers include Swartz, Betty R. Johnson (Senior Vice President and Chief Financial Officer), Tod M. Cooper (Senior Vice President and Chief Operating Officer T&D), Jeffrey J. Waneka (Senior Vice President and Chief Operating Officer C&I), and William F. Fry (Vice President, Chief Legal Officer and Secretary).

Subsidiaries[]

  • CSI Electrical Contractors, Inc.
  • E.S. Boulos Company
  • Great Southwestern Construction, Inc.
  • Harlan Electric Company
  • High Country Line Construction, Inc.
  • Huen Electric, Inc.
  • The L.E. Myers Co.
  • MYR Energy Services, Inc.
  • Sturgeon Electric Company, Inc.
  • Sturgeon Electric California, LLC
  • Western Pacific Enterprises Ltd.

Initial public offering[]

MYR Group went public on September 9, 2008, joining the Nasdaq under the symbol MYRG. Facing the challenging marketing at that time, MYRG avoided the traditional process of offering its shares via an initial stock offering and instead registered for resale nearly 20 million shares of its common stock held by principals. It began trading at $16 per share.

MYR Group was originally traded on the New York Stock Exchange from 1996 to 2000, but was then acquired by GPU Inc., which was then bought by FirstEnergy Corp. ArcLight Capital Partners took control of the company in 2005, but exited its majority ownership in 2007.[5]

History of acquisitions[]

MYR Group's oldest subsidiary, The L.E. Myers Co., was founded in 1891. But MYR Group itself was not established until 1995 when L.E. Myers joined Sturgeon Electric and Harlan Electric to form the corporation.

In 2000, MYR Group acquired Great Southwestern Construction, followed by E.S. Boulos[6] and High Country Line Construction in 2015, Western Pacific Enterprises in 2016,[7] Huen Electric in 2018,[8] and CSI Electrical Contractors in 2019.[9] MYR Energy Services, Inc. was created in 2009 under the name MYR Transmission Services, Inc. and rebranded to its current name in 2019.[10]

Awards[]

  • #2 2021 Electrical Construction & Management (EC&M) Top 50 Electrical Contractors
  • #2 2021 Engineering News-Record Top 50 Firms in Electrical
  • #8 2021 Engineering News-Record Top 600 Specialty Contractors
  • #49 2022 Forbes Best Small Cap Companies
  • #66 2021 Fortune 100 Fastest-Growing Companies

References[]

  1. ^ "MYR Group Annual Report". myrgroup.com. MYR Group Inc.
  2. ^ "MYR Group CEO Koertner to step down, Swartz to replace him". Daily Herald Business Ledger. 20 December 2016.
  3. ^ "MYR Group Annual Report". myrgroup.com. MYR Group Inc.
  4. ^ "MYR Group CEO Koertner to step down, Swartz to replace him". Daily Herald Business Ledger. 20 December 2016.
  5. ^ "MYR Group goes public, quietly". MarketWatch.
  6. ^ "MYR Group Acquires New England Electrical Contractor E.S. Boulos". EC&M.
  7. ^ "MYR Group (MYRG) Acquires Western Pacific Enterprises for C$16.1M". Street Insider.
  8. ^ "MYR Group acquires Huen Electric companies". Daily Herald Business Ledger. 3 July 2018.
  9. ^ "MYR Group Acquires CSI Electrical Contractors, Inc". Globe Newswire. 15 July 2019.
  10. ^ "MYR Group History". MYR Group.
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