IES Holdings Acquires Remaining Ownership Interest in Mechanical Services Business
June 11 2021 - 8:00AM
IES Holdings, Inc. (“IES”) (NASDAQ: IESC) announced today that it
has acquired the remaining 20% ownership interest in STR
Mechanical, LLC (“STR”), a Charlotte, North Carolina-based provider
of commercial and industrial mechanical services. IES had
previously acquired an 80% interest in STR in 2016. STR and its
subsidiary Technical Services II, LLC provide heating, ventilation
and air conditioning (HVAC) maintenance, repair, and replacement
services as well as temperature control system installations
throughout the Carolinas and Virginia.
Jeff Gendell, Chairman and Chief Executive
Officer, said, “I want to thank Keith Moore, STR’s former CEO, for
his contributions and we are pleased to continue to partner with
Chris Landreth, President of STR, and the rest of the STR team, led
by CEO Mike Ditty. We are focused on growing our mechanical
services business organically and through acquisitions, with a
continued focus on expanding our preventive and emergency services
and renovation and retrofit capabilities.”
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 5,700 employees
serve clients across the United States. For more information about
IES, please visit www.ies-co.com.
About STR Mechanical, LLCSTR
Mechanical provides commercial and industrial heating, ventilation
and air conditioning (HVAC) services, including maintenance,
repair, and replacement services, and temperature control system
installations. For more information about STR, please visit
http://strmechanical.com/.
Company Contact:Will
AlbrightVice President of Corporate Development and FinanceIES
Holdings, Inc.(713) 860-1500
Investor Relations Contact:Robert Winters or
Ross CollinsAlpha IR Group(312) 445-2870IESC@alpha-ir.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.
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