IES Holdings Acquires K.E.P. Electric
November 05 2020 - 08:30AM
IES Holdings, Inc. (or “IES”) (NASDAQ: IESC) announced today that
it has acquired K.E.P. Electric, Inc. (“KEP”), a Batavia, OH-based
electrical contractor specializing in the design and installation
of electrical systems for single-family housing and multi-family
developments. KEP, with four offices serving customers in Ohio and
Kentucky, had revenue of approximately $30 million in calendar year
2019. KEP will become part of IES’s Residential segment and operate
under the KEP name.
Dwayne Collier, President of IES’s Residential
segment, said, “The acquisition of KEP continues our strategy to
partner with proven management teams and expand into attractive
growth markets. Kevin Padgett, KEP’s founder and President, has
built a strong business with a customer-centric focus on quality
and execution. I am pleased to welcome Kevin and KEP’s over 80 team
members to IES and we are excited to partner with the entire KEP
team to take advantage of the growing markets in Greater
Cincinnati, Columbus, Dayton, Kentucky and beyond.”
Kevin Padgett added, “After more than 25 years
as a family-owned business, we are pleased to continue to drive our
business and expand our market presence with the support of KEP’s
dedicated team and IES’s financial and operational resources. We
are excited to be a part of the IES family and join a company that
shares our same long-term commitment to employees and
customers.”
ABOUT IES HOLDINGS,
INC.IES is a holding company that owns and manages
operating subsidiaries that provide electrical contracting and
other infrastructure services to a variety of end markets,
including data centers, residential housing, and commercial and
industrial facilities. Our approximately 5,500 employees serve
clients in the United States. For more information about IES,
please visit www.ies-co.com.
ABOUT IES
RESIDENTIALIES’s Residential segment provides
electrical installation services for single-family housing and
multi-family apartment complexes. For more information about IES
Residential, please visit www.iesresidential.com.
ABOUT K.E.P.
ELECTRIC, INC.KEP, established in 1994,
is a single-family and multi-family electrical contractor with
operations in the Midwest, including Ohio and Kentucky. For more
information about KEP, please visit www.kepelectric.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 impact of the
COVID-19 outbreak or future epidemics on our business, including
the potential for job site closures or work stoppages, supply chain
disruptions, construction delays, reduced demand for our services,
or our ability to collect from our customers; 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 or write-downs on 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, or the subsequent underperformance of those
acquisitions; 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 or the housing market, 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, 2019 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 "Investor Relations." 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.
Contact: Jeff Gendell, CEOIES Holdings, Inc.713-860-1500
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