IES Holdings Acquires Edmonson Electric to Expand Florida
HOUSTON, May 18, 2021 (GLOBE NEWSWIRE) – 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 electrical, low-voltage, and plant-based supplier for heating, ventilation and air conditioning (HVAC). Edmonson president Kevin Edmonson and Edmonson vice president Michele Eleyet will together retain the remaining 20% ownership stake. Edmonson, with 12-month sales through March 2021 of approximately $ 107 million, has offices in several Florida markets, including Tampa, Orlando and Ft. Myers. Edmonson will become part of the IES Residential segment and will 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 proven track record of growth. Edmonson’s electrical capabilities build on our recent acquisition of Bayonet Plumbing, Heating and Air-Conditioning, LLC of Florida, expanding our customer offering in the Florida market with three complementary professions in electrical, HVAC and plumbing. We remain confident in our outlook for the residential market and are particularly 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 delighted to welcome the more than 500 dedicated team members from Kevin, Michele and Edmonson to IES. Edmonson’s shared core values, long-term customer relationships and focus on quality and execution make for a great partnership. “
Kevin Edmonson added, “After more than 40 years as a family business, we are delighted to be part of the IES family and continue to serve our customers through the Edmonson brand. Joining IES not only allows us to continue as owners and managers, but also found a partner who can provide the capital and expertise to support our growth and expansion into new regions. “
About IES Holdings, Inc.
IES is a holding company that owns and operates subsidiaries that design and install integrated electrical and technological systems and provide infrastructure products and services to a variety of end markets, including data centers, residential and commercial and industrial facilities. Our more than 5,000 employees serve customers in the United States. For more information about IES, please visit www.ies-co.com.
About IES Residential
The residential segment of IES provides electrical, plumbing and HVAC installation services for single-family homes and multi-family apartment complexes. For more information about IES Residential, please visit www.iesresidential.com.
About Edmonson Electric, LLC
Founded in 1978, Edmonson is a provider of electrical, low-voltage, and residential HVAC installations with operations in various Florida markets. For more information about Edmonson, please visit www.edmonsonelectric.com.
Vice President Corporate Development and Finance
IES Holdings, Inc.
Investor Relations Contact:
Robert Winters or Ross Collins
Alpha IR Group
Certain statements in this press release may be considered “ 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 on various estimates and assumptions that the Company believes to be reasonable to be from its date. In some cases, you can identify forward-looking statements using terminology such as’ may ‘,’ will ‘,’ could ‘,’ would ‘,’ expect ‘,’ plan ‘,’ project ‘,’ intend ‘,’ anticipate “,” “believe”, “seek”, “estimate”, “predict”, “potential”, “pursue”, “target”, “continue,” the negative of such terms or other similar terminology. These statements involve risks and uncertainties that could cause the Company’s actual future results 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 possibility of 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 o our controlling shareholder to take action that is inconsistent with other shareholders; the possibility that certain tax benefits of our net operating losses will be limited or reduced by a change of ownership or a change in the federal tax rate; the possible recognition of write-downs or write-downs on deferred tax assets; the inability to execute plans and strategies as expected, including our inability to identify and complete acquisitions that meet our investment criteria to advance our business strategy, or the subsequent underperformance of those acquisitions; competition in the industries in which we operate, from both third parties and former employees, which could lead to the loss of one or more customers or lower margins on new projects; fluctuations in business activity due to declining construction levels or housing market, seasonal influences and different regional economic conditions; and our ability to manage projects successfully, 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 filed with the SEC. You should understand that such risk factors could cause future results to differ materially from those previously experienced or expressed in such forward-looking statements. The company undertakes no obligation to publicly update or revise information, including information about its controlling shareholder, net operating losses, availability of loans or cash, or any forward-looking statements to reflect events or conditions that may arise after the date of this release.
Forward-looking statements are made in this press release in accordance with the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be assessed 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 changes to those reports, are available free of charge from the company’s website as soon as reasonably possible. they have been filed with or provided to the SEC.