HOUSTON, Dec. 21, 2020 (GLOBE NEWSWIRE) – IES Holdings, Inc. (“IES”) (NASDAQ: IESC) announced today that it has acquired an 80% interest in Bayonet Plumbing, Heating and Air-Conditioning, LLC hat (“Bayonet”), a Hudson, FL-based provider of heating, ventilation, and air conditioning for residential use, as well as installation and maintenance services for plumbing. Bayonet President and CEO Robert (Robbie) C. Blankenship and his father, Bayonet founder Robert N. Blankenship, will collectively retain 20% of the ownership interest in Bayonet. Bayonet, with sales of approximately $ 86 million in the twelve months ended September 2020, has locations in multiple Florida markets, including Tampa and Orlando. Bayonet becomes part of the IES Residential segment and continues to be operated under the name of bayonet.
Jeffrey Gendell, Chairman and Chief Executive Officer, said, “The Bayonet acquisition strategically expands our geographic presence in the attractive Florida market and adds two new complementary businesses in HVAC and plumbing. We believe the residential real estate market is well positioned for further expansion and this acquisition provides an opportunity for our IES Residential segment to further accelerate its growth. “
Dwayne Collier, President of IES Residential, added: “We are delighted to have found in Bayonet a strong partner with expertise in residential HVAC and plumbing as well as longstanding customer relationships. a mix of installation and maintenance revenues and a proven track record of growth. We are excited to welcome Robbie, Robert and Bayonet’s 500+ dedicated team members to IES and to expand our presence to Tampa, Orlando and beyond. “
Robbie Blankenship said, “After more than 40 years as a family business, we are excited to join the IES family and continue to serve our customers through the Bayonet brand. Our partnership with IES will allow us to continue to be the owner and manager, providing both strategic and financial support to Bayonet in achieving our growth goals in order to expand our geographic reach and offerings. “
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 for a variety of end markets including data centers, residential buildings, and commercial and industrial facilities. Our more than 5,000 employees serve customers in the USA. Further information on IES can be found at www.ies-co.com.
ABOUT IES RESIDENTIAL
The IES residential segment offers electrical installation services for single-family houses and multi-family residential complexes. For more information on IES Residential, please visit www.iesresidential.com.
ABOUT BAYONET PLUMBING, HEATING AND AIR CONDITIONING, LLC
Founded in 1977, Bayonet is a residential HVAC and plumbing installation, maintenance, and service provider operating in multiple Florida markets. You can find more information about bayonet at www.bayonet-inc.com.
Certain statements in this press release may be viewed as “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 made by the Company as of now . In some instances, you may identify forward-looking statements by using terms such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate.” “Believe”, “Seek”, “Appreciate”, “Predict”, “Potential”, “Pursue”, “Aim”, “Continue”, the negative of such terms or any other comparable terminology. These statements involve risks and uncertainties that could cause the company’s actual future results to differ materially from those presented in these statements. These risks and uncertainties include, but are not limited to, the impact the COVID-19 outbreak or future epidemics will have on our business, including the potential for construction sites to be closed or disrupted, supply chain disruptions, construction delays, and reduced demand for our services or ours Ability to collect from our customers; the ability of our controlling shareholder to take action that is inconsistent with other shareholders; the possibility that certain tax benefits of our net operating losses could be limited or diminished by a change in ownership or a change in the federal tax rate; the potential 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 corporate strategy, or the subsequent underperformance of those acquisitions; Competition in the industries in which we operate, both from third parties and from former employees, which can result in the loss of one or more customers or lower margins on new projects; Fluctuations in business activity due to declines in the construction or housing market, seasonality and different 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 filings with the Company. 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 any information, including information about its controlling shareholder, net operating losses, credit availability or liquidity position, or forward-looking statements, to reflect events or circumstances that may occur after this date of publication.
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 evaluated in conjunction with 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, the Quarterly Reports on Form 10-Q, and the most recent reports on Form 8-K, and any amendments to those reports, are available free of charge on the Company’s website as soon as reasonably possible filed with the SEC or made available to the SEC.
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