MasTec to Acquire The Superior Group

CORAL GABLES, Fla. — MasTec, Inc. announced that it has entered into a definitive agreement to acquire Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”), a premier full-service electrical contractor focused on critical infrastructure (the “Transaction”). With a heritage dating to 1925 and headquartered in Columbus, Ohio, Superior has been led by the Stewart family since the mid-1980s, when Greg Stewart acquired an ownership interest. Under Bryan Stewart’s leadership, Superior has grown into one of the nation’s largest electrical contractors, with approximately 3,000 employees and a proven track record of delivering complex, large-scale projects across the United States. Superior is a recognized leader in building data center infrastructure and also serves a diverse set of end markets including healthcare, entertainment and industrial. Superior provides end-to-end electrical solutions spanning design, preconstruction, construction, project management, engineering, integrated systems, prefabrication, modular manufacturing and ongoing maintenance, repair and retrofit services for a high-quality customer base.

The acquisition further advances MasTec’s strategy of building a scaled infrastructure capacity platform positioned to serve accelerating demand for data center, power and other mission-critical infrastructure. The combination expands MasTec’s infrastructure capabilities across a broader range of mission-critical requirements, extending MasTec’s expertise from power generation and grid interconnection through electrical systems, connectivity and long-term maintenance services.

For the four years ending December 31, 2025, Superior delivered double-digit compounded growth in both revenue and net income, driven by increasing demand for data center and mission-critical infrastructure, strong customer relationships and consistent execution on large, complex projects.

Superior is projected to generate full year 2026 revenue and Adjusted EBITDA (a non-GAAP measure) of approximately $1.6 billion to $1.7 billion and approximately $225 million to $250 million, respectively. Superior will serve as a new operating group of MasTec, and Superior’s financial results are expected to be reflected in the Power Delivery segment.

Superior’s existing management team, including Bryan Stewart, Chairman and CEO, will remain in place, bringing decades of industry experience, long-standing customer relationships and the performance-focused culture that has guided Superior’s growth under Stewart family leadership.

Jose Mas, MasTec’s Chief Executive Officer, commented: “We are excited to welcome Superior, Bryan, his leadership team and approximately 3,000 talented team members to the MasTec family. Superior has built one of the premier electrical infrastructure platforms in the United States, with a proven ability to scale resources, execute complex projects and deliver for some of the most demanding mission-critical customers in the industry. Superior expands our ability to serve one of the most compelling infrastructure opportunities in the market today—the ongoing buildout of data center, power and mission-critical infrastructure. Together, we will be able to provide customers with a broader suite of self-perform capabilities spanning power generation, transmission, substations, civil infrastructure, communications and inside-the-fence electrical systems, enhancing our ability to support customers across a wider range of mission-critical infrastructure projects.”

Mr. Mas continued, “Just as important, Superior brings a highly experienced leadership team that has successfully scaled the business while maintaining a strong culture, exceptional customer relationships and an unwavering commitment to safety and operational excellence. We believe the combination of Superior’s leadership, skilled workforce and electrical expertise with MasTec’s national scale, customer relationships and diversified capabilities will create significant value for our customers, employees and shareholders.”

Bryan Stewart, Chairman and CEO of Superior, commented, “As we enter our second century of business, I’m thrilled that Superior will soon join the MasTec family. Superior’s deep experience in building critical infrastructure, combined with MasTec’s leadership across the power, energy and communications sectors, position us to lead the buildout of new projects throughout the U.S. Together, we’ll capitalize on this once-in-a-generation opportunity to build the foundation of America’s digital future.”

Transaction Rationale

• Expands MasTec’s Infrastructure Capabilities Across Data Center and Mission-Critical Markets – Prior to the transaction, MasTec primarily served critical infrastructure requirements outside the fence, including power generation, natural gas infrastructure, transmission, substations, communications and site civil work. The addition of Superior will extend MasTec’s capabilities inside the fence with electrical systems, integrated building systems and ongoing facility services, positioning MasTec to deliver a broader range of infrastructure solutions to customers.

• Deepens Relationships with Leading Mission Critical Customers – Superior will also bring direct, strategic relationships with leading hyperscalers, data center developers, general contractors, technology customers and mission-critical project partners, supported by a proven track record of delivering large, technically complex projects, with the safety performance, schedule certainty and execution quality these customers require. Superior is strategically positioned in some of the most attractive U.S. data center development corridors and has demonstrated the ability to grow alongside its customers into new geographies while maintaining strong safety, productivity and schedule performance.

• Adds Scarce Self-Perform Skilled Labor with Proven Track Record of Scaling Resources Effectively – Superior will provide access to one of the largest and most scalable skilled electrical labor platforms in the U.S., supported by long-standing labor relationships, dedicated recruiting capabilities and a demonstrated ability to rapidly mobilize resources across major construction markets. Superior has grown its workforce from approximately 800 to approximately 3,000 team members over the past 3 years, representing over 50% CAGR and demonstrating its ability to scale rapidly and effectively to support its customers.

• Experienced Leadership Team and Strong Cultural Alignment – Superior will bring a highly experienced leadership team that has successfully scaled the business through multiple phases of growth while maintaining a strong culture, customer focus and operational discipline. Superior’s entrepreneurial people-first culture is grounded in accountability, craftsmanship, safety, quality, customer service and a “Performance Focused” mindset that aligns with MasTec’s operating philosophy.

• Disciplined Capital Allocation Expected to Drive Immediate Earnings and Cash Flow Accretion – The acquisition represents a disciplined and strategic deployment of capital to acquire a scaled electrical infrastructure platform with strong growth prospects, attractive margins, significant cash flow generation and a proven leadership team. Based on current expectations, and without giving effect to potential revenue opportunities or synergies, MasTec expects Superior to be immediately accretive to Revenue, Adjusted EBITDA, Adjusted Diluted EPS and Cash Flow from Operations. For the remainder of 2026, MasTec expects Superior to contribute Revenue of $800 million-$900 million, Adjusted EBITDA of $100 million-$115 million and Adjusted Diluted EPS of $0.50-$0.65. For full year 2027, MasTec expects Superior to generate Revenue of $2.2 billion-$2.5 billion and Adjusted EBITDA of $250 million-$275 million. MasTec notes these estimates are preliminary and has therefore taken a conservative approach to its outlook.

Transaction Overview

The purchase price is approximately $1.65 billion, consisting of approximately $475 million payable in shares of MasTec common stock and approximately $1.175 billion payable in cash, subject to customary purchase price adjustments. Additionally, there is a potential earnout payment based on the cumulative 36-month financial performance of Superior post-closing. MasTec anticipates funding the cash portion of the Transaction with a combination of cash on hand, drawings under its existing credit facility and drawings under two delayed draw term loan facilities entered into contemporaneously with the definitive acquisition agreement. The Transaction is subject to customary conditions, including antitrust regulatory approval, with an anticipated closing date in mid to late July 2026.

Lazard is serving as financial advisor to MasTec, and Holland & Knight LLP and Fried, Frank, Harris, Shriver & Jacobson LLP are serving as its Transaction and financing legal advisors, respectively. UBS Investment Bank is serving as financial advisor to Superior, and Paul, Weiss, Rifkind, Wharton & Garrison LLP as its legal advisor.