IES Holdings closes ~$691M DBM Global acquisition, adding ~$1.5B-revenue Structural segment

IES Holdings, Inc.

IES acquired 100% of DBM Global, including INNOVATE's ~91.2% stake, for ~$691M: ~$545M cash plus 430,974 IES shares valued ~$146M.
DBM Global revenue was ~$1.5B for 12 months ended June 30, 2026; it becomes IES's new Structural segment with ~4,000 employees.
DBM operates Schuff Steel, Banker Steel, GrayWolf, DBM Vircon and Aitken, with >2M sq ft of U.S. fabrication/operating facilities.
IES funded cash with cash on hand and $525M borrowings; credit capacity rose to $700M ($200M term loan, $500M revolver); acquired units joined as guarantors.
Cash consideration includes $35M payment to INNOVATE for estimated cost of Section 338(h)(10) election; deal closed Oct. 5, 2026.

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