IES Holdings, Inc. (NASDAQ: IESC) today announced that it has entered into a definitive agreement to acquire DBM Global Inc., a vertically integrated structural steel fabrication, erection and industrial services platform, from Innovate Corporation (NYSE: VATE). The consideration for DBM Global, including minority interests, is approximately $650 million, comprised of cash and shares of IES common stock. IES expects to fund the cash portion of the consideration through a combination of cash on hand and borrowings under an expanded credit facility being arranged by Wells Fargo. DBM Global generated revenue of approximately $1.3 billion for the twelve months ended March 31, 2026.
DBM Global, headquartered in Phoenix, Arizona, employs approximately 3,400 people and operates through a family of established brands, including Schuff Steel and Banker Steel.
The Transaction is expected to close in the quarter ending December 31, 2026, subject to customary closing conditions, including regulatory approvals and other conditions set forth in the definitive agreement, with the final consideration subject to customary net working capital and other true-up adjustments.
IESC shares began Monday higher $11.44, or 1.5%, to $774.15., while those for VATE skidded $2.97. pr 24.4%, to $9.19.
