IES Holdings Completes $691 Million DBM Global Acquisition
The electrical-systems installer closed a mixed cash-and-stock deal that creates a Structural line of business around one of the largest U.S. independent steel fabrication and erection platforms.
IES Holdings, Inc. (IESC) completed its acquisition of DBM Global Inc., a vertically integrated structural steel fabrication, erection and industrial services platform, for total consideration of approximately $691 million, including minority interests.
The mixed consideration comprised approximately $545 million in cash and 430,974 shares of IES common stock, as adjusted for the company’s two-for-one stock split effected on August 21, 2026, valued at approximately $146 million based on the closing price of IES common stock on October 2, 2026. The deal establishes a new Structural line of business, adding one of the largest independent structural steel fabrication and erection platforms in the United States so IES can offer a broader range of products and services, particularly in data center, industrial and infrastructure markets.
The transaction was announced on August 10, 2026, when IES agreed to buy DBM Global from INNOVATE Corp. (VATE), which held about 91.21% of the target, with the remaining minority interests to be acquired through a short-form merger after the primary close. IES expected to fund the cash portion through cash on hand and borrowings under an expanded credit facility being arranged by Wells Fargo, and expected the deal to close in the quarter ending December 31, 2026, subject to customary conditions. The purchase price remained subject to customary net working capital and other true-up adjustments, and to finalization following delivery of a post-closing statement.
DBM Global, headquartered in Phoenix, Arizona, employs approximately 3,400 people and operates through brands including Schuff Steel, Banker Steel, GrayWolf, DBM Vircon and Aitken, providing engineering, fabrication, erection and industrial construction services across commercial, industrial, data center, stadium and infrastructure end markets. The platform includes over 2 million square feet of fabrication and operating facilities across the United States. DBM Global generated revenue of approximately $1.3 billion for the twelve months ended March 31, 2026.
Upon closing, DBM Global will operate as a new Structural line of business for IES, alongside its existing Communications, Residential, Infrastructure Solutions, and Commercial & Industrial segments. IES designs and installs integrated electrical and technology systems and provides infrastructure solutions and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities, with more than 11,000 employees in the United States.
Matt Simmes, President and Chief Executive Officer of IES, said: “DBM Global brings scaled engineering, fabrication and erection capabilities and a long track record of successfully delivering complex structural projects. We are also excited to work with DBM Global to offer a broader range of products and services so that together we deliver innovative solutions to our combined customer base, particularly in data center, industrial and infrastructure markets.”
INNOVATE, a diversified holding company with subsidiaries in the infrastructure, spectrum and life sciences sectors, intends to direct all net proceeds toward debt reduction, which it expects to significantly reduce leverage and improve its financial flexibility. Paul Voigt, Interim CEO of INNOVATE, said closing the transaction is a significant milestone for the company and that with these proceeds it is substantially reducing its debt and strengthening its balance sheet as it focuses on its remaining businesses.