IES Holdings Acquires Edmonson Electric

HOUSTON, May 18, 2021 (GLOBE NEWSWIRE) — IES Holdings, Inc. (NASDAQ: IESC) announced today that it has acquired an 80% ownership interest in Edmonson Electric, LLC, 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 Residential
IES’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, LLC
Edmonson, 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.