IES has acquired Technibus, a Canton, Ohio-based provider of metal enclosed bus systems, for about $45 million in cash. The seller was Pfingsten Partners.
HOUSTON, June 15, 2016 (GLOBE NEWSWIRE) — IES Holdings, Inc. (or “IES”) (NASDAQ:IESC) today announced that a wholly-owned subsidiary of IES has completed its acquisition of Technibus, Inc. (“Technibus”), a Canton, Ohio-based manufacturer of custom-engineered, metal enclosed bus duct solutions, in an all cash transaction valued at approximately $45 million. Technibus will operate as a subsidiary in IES’s Infrastructure Solutions segment and will continue to operate under the Technibus name.
Technibus’ products are highly engineered electrical components that conduct electricity between medium-voltage generators, breakers, transformers, and switchgear, primarily utilized at power generation plants and large electricity-consuming facilities. Specifically, Technibus’ solutions include non-segregated and segregated phase bus duct, isolated phase bus, advanced systems fabrication and field services for the power generation, petrochemical, commercial, transit, data center and industrial markets.
Robert Lewey, President of IES, said, “We are pleased to have successfully completed the acquisition of Technibus. With its strong reputation and long-term history of manufacturing high quality, custom engineered bus systems, Technibus will be a solid strategic addition to our Infrastructure Solutions segment. Additionally, we believe that the acquisition will be accretive to earnings by $0.15 per share or more in the first year.”
Robert Gladden, President of Technibus, added, “All of us at Technibus are very excited about joining the IES Infrastructure Solutions team. They have deep relationships and knowledge in our industry and will add products and services that will enhance our offering to our customer base.”
ABOUT IES HOLDINGS
IES is a holding company that owns and manages diverse operating subsidiaries, comprised of providers of industrial infrastructure services to a variety of end markets. Our over 3,500 employees serve clients in North America. For more information about IES, please visit www.ies-co.com.
ABOUT IES INFRASTRUCTURE SOLUTIONS
IES’s Infrastructure Solutions segment provides industrial and rail services, including electric motor repair and rebuilding; repair and manufacturing of industrial lifting magnets; and maintenance, remanufacturing, and repair services to the rail and transit industry. For more information about IES Infrastructure Solutions, please visit www.iesinfrastructure.com.
Technibus, Inc. is a global leader in the supply of metal enclosed bus systems operating for more than 50 years. Technibus operates in a 150,000 square foot manufacturing facility in Canton, Ohio and its products include isolated phase bus, non-segregated and segregated bus systems. Technibus primarily serves the power generation, distribution, petrochemical, transit, municipal, data center and industrial markets. For more information about Technibus, please visit www.technibus.com.