On October 5, 2026, IES Holdings, Inc. entered into an amendment to its Fourth Amended and Restated Credit Agreement. The amendment, executed with Wells Fargo Bank, National Association as administrative agent and other financial institutions, increased the Company’s borrowing capacity to $700 million. This capacity is divided into a $200 million term loan facility and a $500 million revolving credit facility. Additionally, the amendment allowed subsidiaries acquired in recent transactions to join as guarantors to the agreement.
In a separate announcement on the same date, IES Holdings completed the acquisition of DBM Global, Inc. The transaction was finalized by its wholly owned subsidiary, IES OpCo Holdings, Inc., which merged with DBM Global. IES acquired approximately 91.21% of DBM Global’s issued and outstanding common stock, with the remaining interests held by other stockholders. The total purchase price was approximately $691 million.
The consideration for the acquisition consisted of approximately $545 million in cash and 430,974 shares of IES common stock. The stock shares were valued at approximately $146 million based on the closing price of IES common stock on October 2, 2026. The cash consideration included a $35 million payment to INNOVATE Corp. to cover the estimated cost of participating in a joint election under Section 338(h)(10) of the Internal Revenue Code. IES funded the cash portion of the purchase using cash on hand and $525 million of borrowings under the newly amended credit facility.
Following the merger, DBM Global will operate as a new Structural line of business for IES. The acquired company generated revenue of approximately $1.5 billion for the twelve months ended June 30, 2026. DBM Global operates through a family of brands, including Schuff Steel, Banker Steel, GrayWolf, DBM Vircon, and Aitken, and employs approximately 4,000 people. The acquisition was completed on the terms set forth in a Transaction Agreement dated August 7, 2026.
