IES Holdings Acquires Wedlake Fabricating
November 19 2020 - 8:30AM
IES Holdings, Inc. (“IES”) (NASDAQ: IESC) announced today that it
has acquired Wedlake Fabricating, Inc. (“Wedlake”), a Tulsa,
OK-based manufacturer of custom generator enclosures. Wedlake will
become part of IES’s Infrastructure Solutions segment and continue
to operate under the Wedlake name.
"Wedlake, strategically located in Tulsa, OK,
expands our geographic footprint and generator enclosure
manufacturing capacity in the Midwest where we see significant
growth potential. The operational talent and expertise of the
Wedlake team, combined with IES’s financial and operational
resources, gives us a substantial base to capture this market
opportunity,” said Mike Rice, President of IES’s Infrastructure
Solutions segment. “IES is pleased to welcome Brian (Bo) Wedlake,
Jr., who will be promoted to general manager to lead Wedlake
post-closing, and Wedlake’s dedicated team members. We look forward
to working with the entire Wedlake team to support its growth and
expand our combined capabilities.”
Brian Wedlake, Sr., Founder of Wedlake, added,
“IES is a great fit for our operation and our customers. After more
than 35 years as a family-owned business, our team is excited to
partner with IES and further grow the Wedlake brand and bring a
variety of product solutions, resources, and capacity to our
customers and markets.”
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 INFRASTRUCTURE
SOLUTIONS IES’s Infrastructure Solutions segment is
a provider of electro-mechanical solutions for industrial
operations, including apparatus repair and custom-engineered
products, such as generator enclosures and bus duct, used in data
centers and other industrial applications. For more information
about IES Infrastructure Solutions, please visit
https://iesinfrastructure.com.
ABOUT WEDLAKE FABRICATING
Wedlake, established in 1984, manufactures custom generator
enclosures that are primarily used by data centers and large
commercial and industrial facilities. For more information about
Wedlake, please visit www.wedlake.net.
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, CEO IES Holdings, Inc.
713-860-1500
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