IES Holdings to Buy DBM Global in $685 Million Mixed Deal
The acquisition establishes a new structural line of business for IES to capitalize on industrial reshoring and data center demand.
IES Holdings, Inc. (IESC) agreed to acquire DBM Global Inc. in a mixed-consideration transaction valued at approximately $685 million.
Under the terms of the agreement, IES will acquire 100% of the outstanding shares of DBM Global common stock. The consideration includes a base purchase price of $650 million, consisting of $510 million in cash and the issuance of 215,487 shares of IES common stock. The deal is expected to close in the quarter ending December 31, 2026.
The transaction establishes a new Structural line of business, adding one of the largest independent structural steel fabrication and erection platforms in the U.S.. The company intends to use the platform to capitalize on demand across data centers, industrial reshoring, infrastructure investment, stadiums, arenas, and marquee commercial developments.
“This acquisition meaningfully broadens our product and service offerings and brings together highly complementary capabilities and teams,” said Matt Simmes, President and Chief Executive Officer of IES.
DBM Global provides integrated steel construction services, including design-build, engineering, fabrication, and advanced field erection. Headquartered in Phoenix, Arizona, the company maintains operations across the United States, Canada, Australia, India, New Zealand, the Philippines, and the United Kingdom. Its market segments include healthcare, convention centers, public works, and international projects.
The acquisition follows IES's previous expansion into the fabrication sector, including the acquisition of Gulf Island Fabrication, Inc. for approximately $192 million. These moves signal a broader strategic push by IES to enhance its ability to deliver complex steel structures for the data center and U.S. infrastructure markets.
The transaction is subject to customary closing adjustments for cash, working capital, and indebtedness. INNOVATE Corp. (VATE), which owns approximately 91.21% of DBM Global, intends to direct all net proceeds from the sale toward debt reduction to improve its financial flexibility.