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IES Holdings, Inc. (“IES”) (NASDAQ: IESC) today announced that it has acquired an 80% ownership interest in Edmonson Electric, LLC (“Edmonson”), a Land O ‘Lakes, FL-based provider of electrical, low voltage and installation services for heating, ventilation and air conditioning (HVAC). Edmonson president Kevin Edmonson and Edmonson vice president Michele Eleyet will together retain the remaining 20% ownership stake. Edmonson, with 12-month sales through March 2021 of approximately $ 107 million, has offices in several Florida markets, including Tampa, Orlando and Ft. Myers. Edmonson will become part of the IES Residential segment and will continue to operate under the Edmonson name.
Jeff Gendell, Chairman and Chief Executive Officer, said, “The acquisition of Edmonson strengthens our presence in the attractive Florida market, while adding a strong management team with a proven track record of growth. Edmonson’s electrical capabilities build on our recent acquisition of Bayonet Plumbing, Heating and Air-Conditioning, LLC of Florida, expanding our customer offering in the Florida market with three complementary professions in electrical, HVAC and plumbing. We remain confident in our outlook for the residential market and are particularly optimistic about the growth prospects of Texas and Florida, which are now our two largest residential markets. “
Dwayne Collier, President of IES Residential, added, “We are delighted to welcome the more than 500 dedicated team members from Kevin, Michele and Edmonson to IES. Edmonson’s shared core values, long-term customer relationships and focus on quality and execution make for a great partnership. “
Kevin Edmonson added, “After more than 40 years as a family business, we are delighted to be part of the IES family and continue to serve our customers through the Edmonson brand. Joining IES not only allows us to continue as owners and managers, but also found a partner who can provide the capital and expertise to support our growth and expansion into new regions. “