IES Holdings Completes Technibus Acquisition

IES Holdings, Inc. IESC revealed Wednesday that a fully-owned subsidiary of IES has completed its Technibus acquisition, a Canton, Ohio-based manufacturer of custom-engineered, metal enclosed bus duct solutions. The all cash transaction was valued at about $45 million. Following this, Technibus would function as a subsidiary in IES's Infrastructure Solutions segment and would continue to operate under the Technibus name.

IES President, Robert Lewey, commented, "We are pleased to have successfully completed the acquisition of Technibus. With its strong reputation and long-term history of manufacturing high quality, custom engineered bus systems, Technibus will be a solid strategic addition to our Infrastructure Solutions segment. Additionally, we believe that the acquisition will be accretive to earnings by $0.15 per share or more in the first year."

Similarly, Technibus President, Robert Gladden, added, "All of us at Technibus are very excited about joining the IES Infrastructure Solutions team. They have deep relationships and knowledge in our industry and will add products and services that will enhance our offering to our customer base."

The company indicated Technibus' products are highly engineered electrical components, which conduct electricity between medium-voltage generators, breakers, transformers, and switchgear, primarily utilized at power generation plants and large electricity-consuming facilities.