IES Holdings, Inc. (“IES”) (NASDAQ: IESC) announced today that it
has acquired an 80% ownership interest in Bayonet Plumbing, Heating
and Air-Conditioning, LLC (“Bayonet”), a Hudson, FL-based provider
of residential heating, ventilation and air conditioning (HVAC) and
plumbing installation and maintenance services. Robert (Robbie) C.
Blankenship, Bayonet’s President and CEO, and his father, Robert N.
Blankenship, the founder of Bayonet, will together retain 20% of
the ownership interests in Bayonet. Bayonet, with trailing 12-month
revenue through September 2020 of approximately $86 million, has
locations in several Florida markets, including Tampa and Orlando.
Bayonet will become part of IES’s Residential segment and continue
to operate under the Bayonet name.
Jeffrey Gendell, Chairman and Chief Executive
Officer, said, “The acquisition of Bayonet strategically expands
our geographic footprint into the attractive Florida market, while
adding two new complementary trades in HVAC and plumbing. We
believe the residential market is well-positioned for continued
expansion, and this acquisition represents an opportunity for our
IES Residential segment to further accelerate its growth.”
Dwayne Collier, President of IES Residential,
added, “As we seek to expand our capabilities beyond our core
electrical offering, we are thrilled to have found in Bayonet a
strong partner with an expertise in residential HVAC and plumbing,
long-standing customer relationships, a mix of installation and
maintenance revenue and a demonstrated track record of growth. We
are pleased to welcome Robbie, Robert and Bayonet’s over 500
dedicated team members to IES and to expand our presence into
Tampa, Orlando, and beyond.”
Robbie Blankenship said, “After more than 40
years as a family-owned business, we are excited to join the IES
family and continue to serve our customers through the Bayonet
brand. Our partnership with IES will enable us to continue as
owners and managers, while also providing support to Bayonet, both
strategically and financially, toward achieving our growth
objectives to broaden our geographic reach and offering.”
ABOUT IES HOLDINGS, INC.IES is
a holding company that owns and manages operating subsidiaries that
design and install integrated electrical and technology systems and
provide infrastructure products and services to a variety of end
markets, including data centers, residential housing, and
commercial and industrial facilities. Our more than 5,000 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 BAYONET PLUMBING, HEATING AND
AIR-CONDITIONING, LLCBayonet, established in 1977, is a
provider of residential HVAC and plumbing installation, maintenance
and service, with operations in several markets in Florida. For
more information about Bayonet, please visit
www.bayonet-inc.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, 2020 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: Jeffrey Gendell, CEOIES Holdings, Inc.713-860-1500
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