IES Holdings Acquires Greiner Industries With 2023 Revenue Of ~$58M; Financial Terms Of Transaction Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
IES Holdings, Inc. (IESC) has acquired Greiner Industries, a structural steel fabrication and services company with 2023 revenue of approximately $58 million. The acquisition includes Greiner's facilities, spanning 450,000 square feet on a 60-acre campus. Greiner will join IES's Infrastructure Solutions segment but will continue operating under its own name. The acquisition aims to expand IES's geographic footprint, product offerings, and capacity in the Mid-Atlantic market, including the Virginia data center market. Greiner's experienced workforce and leadership, including Vice President of Operations Rick Sine, will join IES.
April 01, 2024 | 12:37 pm
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IES Holdings, Inc. acquires Greiner Industries, aiming to enhance its Infrastructure Solutions segment with Greiner's $58M revenue and extensive facilities. This strategic move is expected to bolster IES's presence in the Mid-Atlantic market and expand its product and service offerings.
The acquisition of Greiner Industries by IES Holdings is likely to have a positive short-term impact on IES's stock price. This is due to the strategic expansion into the Mid-Atlantic market, the addition of Greiner's $58 million revenue to IES's financials, and the potential for increased operational efficiencies and market reach. The positive reception of such strategic acquisitions by the market, combined with the expansion of product and service offerings, typically results in a favorable view by investors, potentially driving up the stock price.
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