HOUSTON, Aug. 10, 2026 (GLOBE NEWSWIRE) — IES Holdings, Inc. ("IES") (NASDAQ: IESC) announced that it has entered into a definitive agreement to acquire DBM Global Inc. ("DBM Global"), a vertically integrated structural steel fabrication, erection and industrial services platform, from INNOVATE Corp. ("INNOVATE") (NYSE: VATE). The transaction establishes an entirely new Structural line of business for IES and adds one of the largest independent structural steel fabrication and erection platforms in the United States.

Pursuant to the definitive agreement, IES will first acquire INNOVATE's approximately 91.2% interest in DBM Global. Immediately following that closing, IES will acquire the remaining minority interests in DBM Global via a short-form merger.

• Total consideration: approximately $685 million, comprised of approximately $545 million in cash and approximately $140 million in shares of IES common stock.
• The cash consideration includes a $35 million payment to INNOVATE in respect of the estimated cost to INNOVATE to participate in a joint election under Section 338(h)(10) of the Internal Revenue Code.
• IES expects to fund the cash portion through a combination of cash on hand and borrowings under an expanded credit facility being arranged by Wells Fargo.
• The final consideration is subject to customary net working capital and other true-up adjustments.
• The transaction is expected to close in the quarter ending December 31, 2026, subject to regulatory approvals and other customary closing conditions.

DBM Global generated revenue of approximately $1.3 billion for the twelve months ended March 31, 2026.

Headquartered in Phoenix, Arizona, DBM Global employs approximately 3,400 people and operates through a family of established brands, including:

• Schuff Steel
• Banker Steel
• GrayWolf
• DBM Vircon
• Aitken

The platform provides engineering, fabrication, erection and industrial construction services across commercial, industrial, data center, stadium and infrastructure end markets. DBM Global's footprint includes more than 2 million square feet of fabrication and operating facilities across the United States, and the company has provided structural steel and erection services on many of the country's most recognizable projects.

Upon closing, DBM Global will operate as a new Structural segment for IES, joining its existing Communications, Residential, Infrastructure Solutions, and Commercial & Industrial segments.

IES and DBM Global framed the deal around four pillars:

1. Scaled national platform — one of the largest independent structural steel fabrication and erection platforms in the U.S., with a coast-to-coast network of fabrication facilities.
2. Expanded capabilities and capacity — significant engineering, fabrication, erection and industrial services capacity in strategic locations.
3. Attractive long-term demand drivers — positions IES to capitalize on demand across data centers, industrial reshoring, infrastructure investment, stadiums and arenas, and marquee commercial developments.
4. Experienced team and scalable systems — an experienced management team and skilled craft workforce, supported by public-company-grade systems, processes and controls.

Matt Simmes, President and Chief Executive Officer of IES, said:

"We're excited to welcome DBM Global's talented team to the IES family. This acquisition meaningfully broadens our product and service offerings and brings together highly complementary capabilities and teams. We look forward to investing in DBM Global's people, facilities and equipment to enhance its operating capabilities and support the continued growth of its businesses and product lines as part of IES."

Jeff Gendell, Executive Chairman of IES, said:

"DBM Global represents an attractive opportunity to acquire a premier business with leading market positions, durable demand drivers and strong cash flow generation. We believe DBM Global will be an excellent addition to IES's portfolio of businesses. We have also structured the transaction to maintain the strength and flexibility of our balance sheet, with the expectation that cash flow generated by IES and DBM Global will allow us to repay acquisition-related debt rapidly while preserving capacity to pursue additional acquisitions and investments."

Rustin Roach, President and Chief Executive Officer of DBM Global, said:

"We see significant opportunity to leverage IES's balance sheet strength to accelerate investment in our operations and to work alongside IES's other operating segments to deliver a broader range of services to our customers, many of whom we have served for decades. Together, we can build on the proud history of our businesses and the strength of our teams to create new opportunities for our employees and deliver even greater value to our customers."

The deal is the largest U.S. structural steel fabrication M&A announcement of August 2026 and signals continued appetite among strategic buyers and diversified industrial platforms for vertically integrated fabrication and erection capacity. DBM Global's 2 million+ sq ft of fabrication footprint, combined with the data-center and reshoring tailwinds, reinforces the structural steel and heavy-welding demand outlook heading into 2027, even as credit markets remain selective.