IES Holdings, Inc. (“IES”) (NASDAQ: IESC) announced today that it
has acquired an 80% ownership interest in Edmonson Electric, LLC
(“Edmonson”), a Land O’ Lakes, FL-based provider of residential
electric, low voltage, and heating, ventilation and air
conditioning (HVAC) installation services. Kevin Edmonson,
Edmonson’s President, and Michele Eleyet, Vice President of
Edmonson, will together retain the remaining 20% ownership
interest. Edmonson, with trailing 12-month revenue through March
2021 of approximately $107 million, has locations in several
Florida markets, including Tampa, Orlando and Ft. Myers. Edmonson
will become part of IES’s Residential segment and continue to
operate under the Edmonson name.
Jeff Gendell, Chairman and Chief Executive
Officer, said, “The acquisition of Edmonson strengthens our
presence in the attractive Florida market, while adding a strong
management team with a demonstrated track record of growth.
Edmonson’s electrical capabilities further build upon on our recent
acquisition of Florida-based Bayonet Plumbing, Heating and
Air-Conditioning, LLC, expanding our customer offerings in the
Florida market to include three complementary trades in electrical,
HVAC and plumbing. We remain confident in our outlook for the
residential market and are especially optimistic about the growth
prospects of Texas and Florida, which are now our two largest
residential markets.”
Dwayne Collier, President of IES Residential,
added, “We are pleased to welcome Kevin, Michele and Edmonson’s
over 500 dedicated team members to IES. Edmonson’s shared core
values, long-standing customer relationships, and focus on quality
and execution make for a great partnership.”
Kevin Edmonson added, “After more than 40 years
as a family-owned business, we are thrilled to become part of the
IES family and continue to serve our customers through the Edmonson
brand. In joining IES we are able to not only continue as owners
and managers, but have also found a partner that can provide the
capital and expertise to support our growth and expansion into new
geographies.”
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 across the United States. For more information about
IES, please visit www.ies-co.com.
About IES ResidentialIES’s
Residential segment provides electrical, plumbing and HVAC
installation services for single-family housing and multi-family
apartment complexes. For more information about IES Residential,
please visit www.iesresidential.com.
About Edmonson Electric,
LLCEdmonson, established in 1978, is a provider of
residential electric, low voltage and HVAC installation services,
with operations in several markets in Florida. For more information
about Edmonson, please visit www.edmonsonelectric.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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