IES Holdings, Inc. (or “IES”) (NASDAQ:IESC) today announced that
STR Mechanical, LLC (“STR Mechanical”), a subsidiary within IES’s
Commercial & Industrial segment, has acquired all of the
membership interests of Technical Services II, LLC (“Technical
Services”), a Chesapeake, Virginia-based provider of mechanical
maintenance services, including commercial heating, ventilation and
air conditioning (“HVAC”), food service equipment, electrical and
plumbing services. Initially Technical Services is expected
to contribute annualized revenues of approximately $5 million.
IES acquired 80% of the membership interests in
STR Mechanical in April 2016 to serve as a platform for
preventative and emergency mechanical maintenance services.
STR Mechanical, based in Charlotte, North Carolina, provides
commercial, industrial and institutional HVAC services, including
maintenance, repair, and replacement services, and temperature
control system installations. Technical Services will operate
as a subsidiary of STR Mechanical within IES's Commercial &
Industrial segment, and will continue to operate under the
Technical Services name.
Robert Lewey, President of IES, said, “Since
acquiring STR Mechanical in April 2016, we have been impressed with
the strong mechanical service business that its CEO Keith Moore and
President Chris Landreth are building. During this time we
have worked with Keith to evaluate a number of acquisition targets
to grow this platform, with a focus on businesses that provide
comprehensive mechanical maintenance services to customers, often
through preventative maintenance agreements. We are pleased
this effort has identified Paul Drake, the majority owner and
President of Technical Services, and are excited that Paul and his
team will become a part of the IES family of companies.”
Keith Moore, CEO of STR Mechanical, added,
“Technical Services adds a strong customer base to STR Mechanical
and expands our geographic reach into the attractive Chesapeake,
Virginia and Richmond, Virginia markets. I look forward to
working closely with Paul to further grow and enhance our combined
mechanical services offering.”
ABOUT IES HOLDINGS, Inc.IES is
a holding company that owns and manages diverse operating
subsidiaries, comprised of providers of industrial infrastructure
services to a variety of end markets. Our approximately 4,000
employees serve clients in the United States. For more information
about IES, please visit www.ies-co.com.
ABOUT STR MechanicalSTR
Mechanical provides commercial and industrial mechanical services,
including maintenance, repair, and replacement services, and
temperature control system installations. For more information
about STR Mechanical, please visit www.strmechanical.com.
ABOUT TECHNICAL
SERVICESTechnical Services, established in 1988, provides
commercial heating, ventilation and air conditioning, food service
equipment, electrical and plumbing services. For more information
about Technical Services, please visit www.technicalsvcs.com.
Certain statements in this release may be deemed
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, all of which are based upon various estimates
and assumptions that the Company believes to be reasonable as of
the date hereof. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "could," "should,"
"expect," "plan," "project," "intend," "anticipate," "believe,"
"seek," "estimate," "predict," "potential," "pursue," "target,"
"continue," the negative of such terms or other comparable
terminology. These statements involve risks and uncertainties that
could cause the Company's actual future outcomes to differ
materially from those set forth in such statements. Such risks and
uncertainties include, but are not limited to, the ability of our
controlling shareholder to take action not aligned with other
shareholders; the possibility that certain tax benefits of our net
operating losses may be restricted or reduced in a change in
ownership or a change in the federal tax rate; the potential
recognition of valuation allowances on net deferred tax assets; the
inability to carry out plans and strategies as expected, including
our inability to identify and complete acquisitions that meet our
investment criteria in furtherance of our corporate strategy;
competition in the industries in which we operate, both from third
parties and former employees, which could result in the loss of one
or more customers or lead to lower margins on new projects;
fluctuations in operating activity due to downturns in levels of
construction, seasonality and differing regional economic
conditions; and our ability to successfully manage projects,
as well as other risk factors discussed in this document, in the
Company's annual report on Form 10-K for the year ended September
30, 2016 and in the Company's other reports on file with the
SEC. You should understand that such risk factors could cause
future outcomes to differ materially from those experienced
previously or those expressed in such forward-looking statements.
The Company undertakes no obligation to publicly update or revise
any information, including information concerning its controlling
shareholder, net operating losses, borrowing availability, or cash
position, or any forward-looking statements to reflect events or
circumstances that may arise after the date of this release.
Forward-looking statements are provided in this
press release pursuant to the safe harbor established under the
Private Securities Litigation Reform Act of 1995 and should be
evaluated in the context of the estimates, assumptions,
uncertainties, and risks described herein.
General information about IES Holdings, Inc. can
be found at http://www.ies-co.com under "Investors." The Company's
annual report on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K, as well as any amendments to those
reports, are available free of charge through the Company's website
as soon as reasonably practicable after they are filed with, or
furnished to, the SEC.
Robert Lewey, President
IES Holdings, Inc.
713-860-1500
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